Thornhill has been subjected to lengthy lockdowns over the past year due to COVID-19.  The lockdowns may have been necessary to protect our health and healthcare system, but they have also resulted in business closures and unemployment.  Government benefits like the Canada Emergency Response Benefit and Canada Recovery Benefit have helped to supplement the loss of income, but many Thornhill residents are still struggling with overwhelming debt.

You should seek the professional advice of a Licensed Insolvency Trustee in Thornhill to discuss debt relief options if you answer yes to the following questions:

  • Do you continually exceed your limit on credit cards or are using credit cards for the necessities of life?
  • Are you borrowing money to make it from one payday to the next?
  • Do you have a garnishee on your wages?
  • Do you pay only interest charges on your debts and are not reducing the total amount?
  • Are you being harassed by creditors for payment?
  • Do you have accounts in a collection agency?
  • If you sold your assets, would you be unable to pay your debt in full?

A Licensed Insolvency Trustee will provide a free assessment to evaluate your financial situation. After reviewing your assets, liabilities, and monthly income and expenses, the trustee will explore the following solutions with you:

  • Debt consolidation loan or refinance your mortgage to pay your unsecured debt. The loan will typically be at a significantly lower interest rate than offered on a credit card.
  • Debt management program through a not-for-profit credit counselling agency. The agency will negotiate with your creditors to accept payment in full over four years.
  • Consumer proposal – offer a settlement to your creditors to compromise your debt.
  • Bankruptcy

Contact Taylor Leibow Inc., Fresh Start Now, today for a free, no-obligation assessment and take the first step to a financial fresh start.

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)