Pay off your debts without losing your home – Loan Consolidation

If you are facing financial problems, it is best to seek the assistance of an authorized insolvency trustee (IAD) as soon as possible. Are you afraid of losing your home? Do not worry, there are

If you are facing financial problems, it is best to seek the assistance of an authorized insolvency trustee (IAD) as soon as possible. Are you afraid of losing your home? Do not worry, there are solutions to settle your debts while keeping your home!

Fortunately, your SAI will help you understand where you are financially and show you different strategies to improve your situation. It will tell you which solutions are best for you so that you can be able to keep your home.

Bankruptcy

Contrary to what many people think, it is possible to keep your house despite bankruptcy

When you go bankrupt, you may be able to keep your home. This depends mainly on the é é quit you have in your home. Equity is the profit that is realized at the time of sale, once all mortgages and fees are paid.

In some cases, if the sale of your home is done with little or no profit, it would be possible for you to keep it, unless your trustee tells you otherwise. However, if it is profitable to sell and you want to keep it, you should talk to your trustee and consider another solution, such as the consumer proposal.

There are many benefits to personal bankruptcy. When you go bankrupt, you are immediately protected from your creditors and any legal proceedings against you will be stopped. In addition, your creditors can not withdraw from the bankruptcy process, which means they will stop harassing you. A first bankruptcy lasts between 9 and 21 months (the exact duration is determined according to the level of your income). Compared to other debt relief processes, bankruptcy is a quick and easy procedure. After that, you will be free of the anxiety caused by your financial problems!

The consumer proposal

If there is a profit to be made from your home, and bankruptcy does not seem to be the best solution for your personal situation, rest assured that there are other ways to remedy your financial problems. When it comes to finding an alternative to bankruptcy, the consumer proposal is usually the way to go.

A consumer proposal allows you to negotiate a reduction of your debts. In addition, your monthly payments can be made over many years and these are calculated according to your budget, so you can be sure that you can pay for them. All of your debt can be reduced by up to 70%, sometimes more!

Your home, like all your other property, is not affected by a consumer proposal

Regarding consumer proposal, any assets can not be seized ê, and this includes your house, too! So a consumer proposal certainly allows you to keep all your assets, such as your car, your house and other valuables.

It is worth noting that the consumer proposal is usually limited to unsecured debt. Unsecured debt includes debt from credit cards, lines of credit, personal loans and income taxes. Secured debts include mortgages, car loans / leases and financing contracts. Therefore, if the reason you are in debt is due to too much secured debt, the consumer proposal may not be right for you.

Anyway, seek the advice of a licensed insolvency trustee!

It is important to seek the advice of a licensed insolvency trustee so that your financial situation does not worsen over time. The sooner you see an SAI, the more you will be able to keep your home!