Bankruptcy vs. Consumer Proposals in Edmonton

Finding the Right Debt Solution for You
Are your creditors calling? Are your wages being garnished? Do you need help climbing out of a surmounting pile of debt? Unsure whether you should file a bankruptcy or a consumer proposal? Let A.C. Waring & Associates Inc. help you find the right debt solution for your needs.

What are the differences between filing a bankruptcy vs. a consumer proposal in Edmonton, anyway? A consumer proposal is just what it sounds like – we work with your creditors to try and reach a settlement if you’re having trouble making all of your debt payments as they’re currently structured. However, if your creditors refuse to negotiate, a bankruptcy might be in your best interest. When you file a bankruptcy, you halt harassing calls from your creditors and stop your wages from being garnished. However, not all of your assets are protected from seizure; some are often used to help pay back a portion of what you owe to your creditors.

When You Should Consider Bankruptcy
Filing a bankruptcy might be your best option, if:

  • You’ve been unemployed for an extended period of time without any savings or unemployment income
  • Your wages are being garnished
  • You have delinquent income taxes
  • You’re facing lawsuits for delinquent bills
  • Your home is nearing foreclosure
  • You’re not sure how much you owe exactly
  • You’re using credit cards to pay for necessities

When You Should Consider a Consumer Proposal
Filing a consumer proposal might be your best option, if:

  • Your debts are over $5,000 but not over $250,000 (not including your home mortgage)
  • If you have a regular source of income and are able to make some monthly payments
  • If you’re unable to repay all of your debts on time
  • If you want to avoid the rigors regarding income and asset rules when filing bankruptcy

Still Unsure? Schedule a Free Consultation Today!
Now that you’ve been presented with the facts about bankruptcy vs. consumer proposals in Edmonton, the decision is up to you how you wish to proceed. If you’re still not sure which option is best for you, call our professional credit counsellors at A.C. Waring & Associates Inc. to schedule a free consultation today. We’d be more than happy to help in any way we can!

A.C. Waring & Associates

First Edmonton Place, 410-10665 Jasper Ave NW, Edmonton, AB, T5J 3S9|
Main: 780-424-9944 | After Hours: 780-423-3328 | Toll Free: 800-463-3328
A.C. Waring & Associates is your trusted Edmonton-based regional bankruptcy trustee and debt solutions company. We specialize in debt solutions for personal or business matters, including debt and credit counselling, debt consolidation, consumer proposals, bankruptcy proceedings and other debt help solutions. If you are overwhelmed by debt and need solutions, A.C. Waring & Associates will help you find the path to a debt-free life. We proudly offer services to Northern Alberta communities as far as Grande Prairie, Fort McMurray and the surrounding areas. Contact us today for a free consultation at 780-424-9944 or toll-free at 1-800-463-3328.