Debt Solutions

Debt Relief Programs

At Krieger & Company, we know debt problems. Every problem is solvable. Every situation is unique. Using our 21 years of combined experience, we take the time to help explain all of the solutions to your financial struggles and help you pick the right solution that sees you without your debt.

What are the best ways to get out of debt?

Debt doesn’t go away on its own. Powerful initiatives through the Canadian government give you effective options and real solutions to your debt problems. There are a handful of significant debt relief programs, some of which may be right for you. They include:

• Debt Consolidation
• Credit Counselling: Trusted advice to guide you on your own path to financial stability. Maximize your debt repayments and minimize your interest. Improve your credit.
• Consumer Proposals: A settlement with your creditors: make one monthly payment, pay no interest, stop calls and garnishments- and all for a fraction of what you owe.
• Bankruptcy: The most flexible debt solution for starting over. Payments vary based on your income. Stop collection calls and garnishments.

Debt relief professionals can help

Most debt relief professionals will tell you only about their services. Licensed insolvency trustees are different. As debt relief experts, licensed insolvency trustees are trusted by the Canadian government and review all of the options with you. We understand the complete set of debt relief solutions available to Canadians and have a toolkit nobody else can provide.

Licensed insolvency trustees are the only ones who can file consumer proposals and bankruptcy in Canada.

Most people who talk to us don’t file for bankruptcy, but instead get a clear understanding of all of the debt relief options and make decisions for their future.

Exploring debt relief solutions with a debt relief professional should be free

Getting advice on becoming debt free from a debt relief professional shouldn’t put you further into debt. A licensed insolvency trustee never charges for a consultation to review the debt relief programs available to you. You can explore and understand of all of your options with a licensed insolvency trustee, letting you make informed decisions about the future of you and your family.

Your debt relief expert shouldn’t use sales tactics

Your meeting with a debt relief expert shouldn’t have a time limit. You shouldn’t feel pressured to make a decision. Becoming debt free is one of the most important decisions you’ll make in life and your debt professional should be approachable, personable and able to explain things in a way that you understand.

Your debt relief professional should make you feel comfortable

This is your financial future we’re talking about and you’re about to tell someone about the inner workings of your finances- your income, assets, and debts. You should feel comfortable with the person at the other side of the desk. Join us for a coffee and ask us anything. We’re here to help, and if you question whether your debt professional’s primary goal is to actually help you become debt free, get a second opinion.

Your debt relief expert should be educated and regulated

What qualifications does your debt relief professional have? Licensed insolvency trustees have years of education, certification, and qualifications to provide complete advice for your financial challenges. Is solving your debt what your debt relief professional went to school for? Does your debt relief professional have the knowledge and abilities to solve your problems, or are they just going to connect you with someone who does?

Ask your debt relief professional about them. Does their story sound like they’re focused on your debt? How long have they been practicing? Who are they? Is your situation the kind of situation they deal with on a regular basis? What inspired them to help solve debt problems? Your debt relief professional should have the passion for their work. Here at Krieger & Company, all of our staff love what we do and want to see you have a fresh start.

Your debt relief professional shouldn’t fit you into their one-size-fits-all program

What works for your neighbour may not work for you. Your financial situation is impacted by your age, income, assets, your total debt, the breakdown of who you owe money to, your life goals, and much, much more. It’s critical that you get your own advice as to what debt relief program fits your unique situation, and don’t just assume that your neighbour’s choice should be the same as your choice.

We’ll explore all of the options with you

Doing nothing is sometimes an approach that may make sense for you. Similarly, debt consolidation can help those with sufficient assets to pay down their debt, do so cheaper. Credit counselling, budgeting, and other tools should all be explained to you. Often your debt relief professional can see the outcome before you do, but should still walk you through the process of getting there on your own so that you’re confident of your decision and understand the options available to you.

We’ll teach you about consumer proposals

A consumer proposal is one of the strongest tools that is only found in a Licensed Insolvency Trustee’s toolkit. A consumer proposal is much like a consolidation loan, except you don’t need to borrow money and you don’t need to pay back the full amount that you owe. Your debt relief professional should explain how a consumer proposal works, why it’s right for you. The consumer proposal is an offer to your creditors to pay an amount over time, without any interest. Usually, these are for a fraction of the debt actually owed. The exact amount you can offer depends on your income, assets, and total amount of your debt. At Krieger & Company, we will work with you to find the amount that is right for you.

Learn about consumer proposals and the consumer proposal process here at Krieger & Company or make your own appointment for a free consultation with your debt professional.

We’ll teach you about bankruptcy

A Bankruptcy is another tool only found in a Licensed Insolvency Trustee’s toolkit. A bankruptcy assigns your non-exempt assets, to the Trustee for the benefit of creditors. While this sounds scary, your car, most RRSPs, and household effects are usually yours to keep. In most cases, the assets assigned just includes an income tax refund in bankruptcy. If you have significant assets and income, a consumer proposal is usually your better option.

Bankruptcy is designed to give you relief from debts you can’t overcome on your own and put you in the best possible position for the future. Learn about bankruptcy and the costs of bankruptcy here at Krieger & Company or make your own appointment for a free consultation with your licensed insolvency trustee.

We’ll make sure you know that you’re not alone

You’re certainly not! As of 2017, Canadians owe $1.71 for every dollar of disposal income, a new record high. This figure has skyrocketed from 2011 where households owed more than $1.50 for every dollar of their disposable income. It’s time to gain control of your finances and put the mistakes of the past behind you. Your debt professional should help you clean up your past debt and put you on the path to a debt-free future.

Do I have A Debt Problem?

There are plenty of lists outlining the signs that you may have too much debt. We can summarize all of those lists for you. Do you have more debt than your plan to pay off your debt?

• Are you only making minimum payments without making progress on paying the debt you owe?
• Are you embarrassed by your debt and hide the details from your friends and family?
• Have you ever used a payday loan, cash advance, or instant tax refund?
• Have you stopped opening your mail for fear of what’s inside?
• Do you not have any savings for unexpected expenses, repairs, or retirement because of your debt?

If any of these describe you, talk to your debt relief professional. Becoming debt free should be a positive experience for both you and your family. We’re here to help solve your debt problems, relieve stress, and focus on your future. Call us toll-free at 1-844-508-8088 to set up an absolutely FREE no-obligation consultation at our offices across Southern Ontario.