{"id":6771,"date":"2017-07-24T09:48:07","date_gmt":"2017-07-24T16:48:07","guid":{"rendered":"https:\/\/www.sands-trustee.com\/?p=6771"},"modified":"2019-09-08T14:23:38","modified_gmt":"2019-09-08T21:23:38","slug":"legislated-debt-solutions-canadians-watch","status":"publish","type":"post","link":"https:\/\/www.sands-trustee.com\/blog\/legislated-debt-solutions-canadians-watch\/","title":{"rendered":"Legislated Debt Solutions for Canadians"},"content":{"rendered":"<p>If you\u2019re a Canadian struggling with unmanageable debt there are many avenues to consider.\u00a0 But did you know that there are only two options that are federally legislated to protect you from your creditors while you resolve your financial difficulties?<\/p>\n<p>Both Consumer Proposals and personal bankruptcy provide an automatic \u201cstay of proceedings\u201d meaning that once filed, your creditors can no longer pursue you for payment, seize your assets or garnish your wages.\u00a0 In Canada only a Licensed Insolvency Trustee (\u201cLIT\u201d) is legally empowered to provide these solutions.\u00a0 The Government of Canada produced a series of videos aimed at helping consumers better understand the options that are available to them, should they find themselves in need of financial guidance.<\/p>\n<p>The first step towards solving debt issues is to understand all of your options.\u00a0 An LIT will meet with you at no cost or obligation to discuss <em><u>all<\/u><\/em> potential routes \u2013 some you could undertake on your own, some with an LIT\u2019s assistance.\u00a0 The important thing is to get all the information you need to make informed decisions about your specific personal situation.<\/p>\n<p><a href=\"https:\/\/youtu.be\/42L2umzFokI\">\u201cDiscussing your options with a Licensed Insolvency Trustee\u201d<\/a><\/p>\n<p>Consumer Proposals are the number one alternative to bankruptcy in Canada.\u00a0 A Consumer Proposal allows you to fully settle your debts for less than you owe \u2013 with zero interest and no additional fees.\u00a0 Virtually all consumer debts, including tax debts and student loans can be settled using a Consumer Proposal filed by an LIT.<\/p>\n<p><a href=\"https:\/\/youtu.be\/H-ZSJIOR014\">\u201cSubmitting a Consumer Proposal to your creditors\u201d<\/a><\/p>\n<p>If a personal bankruptcy is the option that makes the most sense for your situation it\u2019s important to be aware of how the process works.\u00a0 There are many myths and misconceptions about bankruptcy in Canada and an LIT will explain all the ins and outs to you.<\/p>\n<p><a href=\"https:\/\/youtu.be\/5r7-aYS2GvA\">\u201cWhat to expect if you file for bankruptcy\u201d<\/a><\/p>\n<p><em>To find out more about your debt solutions, <\/em><a href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/\"><em>contact Sands &amp; Associates<\/em><\/a><em> for a <\/em><a href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/\"><em>free, confidential consultation<\/em><\/a><em> in one of our local BC offices.\u00a0 We\u2019ve been helping people become debt-free for over 29 years in British Columbia and are proud to be multi-year Consumer Choice Award winners.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re a Canadian struggling with unmanageable debt there are many avenues to consider.\u00a0 But did you know that there are only two options that are federally legislated to protect you from your creditors while you resolve your financial difficulties? Both Consumer Proposals and personal bankruptcy provide an automatic \u201cstay of proceedings\u201d meaning that once [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":6772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[258,257],"tags":[38,48,39,74,37,117,120,50,43,204,35],"class_list":["post-6771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bankruptcy","category-consumer-proposals","tag-bankruptcy-bc","tag-bankruptcy-myths","tag-bankruptcy-trustees","tag-bc-debt","tag-consumer-proposals","tag-credit-counselling","tag-credit-counsellor","tag-debt","tag-debt-consolidation","tag-licensed-insolvency-trustee","tag-sands-associates"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.3 (Yoast SEO v26.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Legislated Debt Solutions for Canadians - Sands &amp; Associates<\/title>\n<meta name=\"description\" content=\"Did you know there are only two options that are federally legislated to protect you from your creditors while you resolve your financial difficulties? 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