By Jasmin Brown, BDO First Call Debt Solutions

BDO First Call Debt Solutions

Debt stress is real. Here’s how a Licensed Insolvency Trustee can help

May 19, 2020 | 9:23 AM

If you’re feeling the added worry of additional debt right now, you’re not alone. A significant number of Canadians have taken on new debt since the COVID-19 crisis began in March. And for households whose finances are already strained due to reduced income, the debt stress is real.

Are you worried about your debt? Seeking the help of a qualified debt professional will not only help you resolve your debt, it will relieve a lot of the stress you might be feeling.

High debt equals high stress

One-in-four Canadians are among the ‘hardest hit’ by the COVID-19 pandemic, meaning they feel that both their financial problems and mental health have worsened since the COVID-19 shutdown. If you have reached the point where you need to do something about your debt, first ask yourself these questions:

Who can help me deal with my debt?

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Whether your debt load is overwhelming or you’re just beginning to experience financial difficulties, meeting with a Licensed Insolvency Trustee (LIT) is a good first step towards finding a solution. During an initial no-cost, no-obligation consultation with an LIT, you’ll explain your situation and the LIT will review your finances and explain all viable debt solutions.

What are some of my debt relief options?

An LIT will discuss informal options, including budgeting, debt repayment strategies, consolidation loans and other debt management solutions. You’ll also learn what happens when you file a consumer proposal or bankruptcy, which are both formal, legal solutions. LITs are the only debt professionals qualified and authorized to assist you with these formal options.

What if I need a formal debt solution?

The words “formal, legal solutions” can seem scary at first, but there are circumstances when a consumer proposal or bankruptcy is the best option for dealing with your debt. An LIT will guide you through each step of the process, providing credit counselling, sound advice and emotional support to help you get a fresh financial start.

A consumer proposal allows you to keep all of your assets and repay a portion of your debt over a specified period of time. And, while bankruptcy may require you to surrender some assets, you won’t lose everything. Every province has a list of assets and equity you will be allowed to keep in a bankruptcy. Here is a list of the assets that are protected in Saskatchewan.

Debt stress is real. Whatever your debt situation, doing your own research before you speak to an LIT can help put your mind at ease. Visit the BDO Debt Solutions website to learn more about getting help with your debt.

During this COVID-19 crisis, nothing is more important than ensuring the health and safety of our people, clients and communities. Currently the BDO Debt Solutions offices are temporarily closed, but we remain open. Our employees are working from home for the foreseeable future.

We will conduct consultations, sign-ups and counselling by phone or videoconferencing on whichever platform you are most comfortable with, including FaceTime, WhatsApp, Zoom and more. We will be as flexible as possible with appointment times. For documents such as income and expense reports, and tax information that must be sent by email or fax, we offer free scanning apps like Adobe Scan. We are also accepting pre-authorized debit (PAD) to make payments.

Call us at 1-855-BDO-DEBT and let us know how best we can serve you

Are you more concerned about your debt since the COVID-19 crisis began? Find helpful resources and information about debt solutions by visiting us on Twitter and Facebook .