Features & Facts:
Majority of Canadians are facing several economic & socio-economic issues that lead to more debts and eventually become insolvent such as:
- Slow Local and/or National Economic Growth.
- Business Loss.
- Low Income/Revenue.
- No Assets or Savings.
- Rising Cost of Living and Inflation.
- Unemployment / Disability.
- High Interest Rates on Loans & Credit Cards.
Here are some facts by Statistics Canada:
- Consumer Price Index (CPI); which reflects the cost of living in Canada is 140 times higher in year 2018 compare to year 2000 (over 18 years).
- Canadian household debt-to-income ratio is around 177 per cent of disposable income in 2019. This means; the average Canadian owes about $1.77 for every dollar of income he or she earns per year, after taxes.
- Over 90% of Canadians within age group 55 to 65 become insolvent (i.e. accumulated debt per person is over $1000).
- In year 2017; there were total of 60,669 bankruptcy cases across Canada, and 15,968 cases in Ontario alone.
- One in every six Canadians files bankruptcy.
Our professional licensed team is always ready to provide you with a wide range of counseling services and legal solutions to solve your debt problems; such as:
- Debt Consolidation and Equity Loans.
- Budgeting and Strategic Credit Management.
- Consumer Proposal or Debt Settlement (unsecured debts between $1000 – $250,000).
- Division I Proposal (unsecured debts > $250,000).
- Consumer and Business Bankruptcy.
- Credit Repair.
Not dischargeable debts:
- Court Fines,
- Family Support Arrears,
- Personal & Fraud Debts,
- Student Loans: if the insolvent does not meet OSAP Regulations.
- Owing Balance to Canada Revenue Agency; if the insolvent does not meet CRA Regulations.
We can CLEAR up to 70% of debts in Consumer Proposal, and 100% in Bankruptcy; based on insolvent’s situation and net worth.
We always work closely with our clients (debtors) to serve their interests and to protect their assets should exist.
FOR MORE INFORMATION; PLEASE VISIT THE APPROPRIATE LINK IN OUR RESOURCES PAGE.