Many people are willing to talk freely about their health and family issues but can be quiet when it comes to their finances.  This may leave you feeling alone in struggling with overwhelming debt with no idea where to turn for debt help in Hamilton.  There is an abundance of information and services available on the internet but consulting with a Licensed Insolvency Trustee is the best first step to help you get out of debt.

A Licensed Insolvency Trustee will offer a free, initial assessment to review your financial situation in detail.  They will perform an in-depth analysis of:

  • Assets – Bank accounts, investments (RRSPs, GICs, etc.), houses, vehicles and other recreational equipment
  • Liabilities – bank loans, credit card debt, payday loans, student loans, personal income tax, etc.
  • Monthly income and expenses – how much do you have left at the end of the month to support payments to creditors?
  • Status of income tax filings and any potential debt
  • Any transfer of assets that should have been available to pay your creditors
  • Any guarantors or co-signors of your debt

Based on the above analysis, the trustee will explore the following debt relief solutions:

  • Debt consolidation loan – refinancing your mortgage or potentially approaching a bank to lend an amount to pay off your debt in full. This will leave you with one monthly payment at a significantly lower interest rate than that charged on credit cards or payday loans.
  • Debt management program through a Hamilton not-for-profit credit counselling agency – they negotiate with your creditors to accept payments over a four-year time period and may be able to reduce the monthly interest.
  • Consumer proposal – an offer to compromise your debt payable over a maximum of five years. The proposal is negotiated through a trustee and must offer your creditors more than they would receive in a bankruptcy.
  • Bankruptcy

Stop struggling alone with your debt and seek professional advice on debt solutions from a Licensed Insolvency Trustee today. We have two locations in Hamilton to serve you.

Kathy portraitBy Kathy Lenart – Insolvency Partner, Licensed Insolvency Trustee
CPA, CA, CIRP
Member and Secretary of the Ontario Association of Insolvency
and Restructuring Professionals (OAIRP)
Canadian Association of Insolvency and Restructuring Professionals (CAIRP)