Powell Associates Ltd.
Saint John, Saint John
Saint John, Saint John
Powell Associates Ltd. is a Licensed Insolvency Trustee, a small firm of experienced, hands-on insolvency practitioners; you won’t get stuck in an assembly line process. You will expect and receive prompt responses and resolutions of issues from our supportive and experienced team.
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If you have debt that is unmanageable and you can’t reasonably pay it back, there are solutions. Sometimes, lacking basic money management skills paired with easy access to credit can quickly lead to an unmanageable situation.
Personal Bankruptcy
Bankruptcy is usually the last choice for most individuals. It is good that this process is available because, without it, there might be no relief from the stress of unmanageable debt.
Personal bankruptcy provides a financial reset when other options are not practical. Even if you don't want to use bankruptcy to resolve your situation, you should still understand how it works. Don't ignore the option just because of the "B" word.
When assessing an individual's financial situation, we review all relevant facts about assets, liabilities, income, family situation, the cause of financial difficulty and outlook for the future. These are all considerations in determining what options are practically available so that you can choose the one that is best suited to you.
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Consumer Proposal
If you have debt problems you also have options. A Consumer Proposal is "an offer to pay creditors a percentage of what is owed to them or extend the time you have to pay off the debts, or both" and, for some people, it can be a much better and more manageable solution than bankruptcy to resolve your debts, particularly if:
- You want to pay your creditors more than they would get in a bankruptcy.
- You have high income and could not manage the surplus income payment required in a bankruptcy.
- You have equity in assets that would take too long to pay within a bankruptcy.
- You have been bankrupt previously.
- You want to take advantage of a potentially shorter impact on your credit score.
https://maritimetrustee.ca/blog-feed/consumerproposal
