Why People Choose A Debt Doctor

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Today, among the services helping Russian-speaking Toronto residents get free of debt, A DEBT DOCTOR offers the most effective debt-relief programs, with the least possible cost in money, time, and stress. We genuinely protect our clients from creditors, collection agencies, the courts, and unreasonable financial demands from a Trustee in Bankruptcy. Depending on your financial situation, we'll put together the debt-reduction program that fits you best, protect your home, your car, and your other property, and, most importantly, give you back your peace of mind and stability. We'll consolidate all of your debts into a single, manageable monthly payment that fits your budget. We'll help you get your debts discharged and rebuild or improve your creditworthiness.

We work closely and flexibly with a Trustee, which lets us find a positive resolution for our clients even in the most difficult, seemingly hopeless situations. We offer a flexible payment system, convenient hours (evenings and weekends), a centrally located office close to the subway and the highway, and, above all, the professionalism and results you're looking for. We've helped hundreds of clients get free of debt and start a new chapter in life, with real peace of mind and confidence in the future. If you're facing financial difficulty, don't drag out the pain - come talk to us, and we'll stop the interest piling up on your debts, get those debts discharged, and save you tens of thousands of dollars.

Answers to common questions about Bankruptcy and the Consumer Proposal (partial debt reduction).

- I'm finding it harder and harder to keep up with my debt payments. If I stop making the minimum payments, what happens, and what should I do?

- You'll start getting letters and calls from creditors and collection agencies demanding the minimum payment or full repayment, along with threats to sue you, seize your property, notify your employer, and so on. They'll call you day and night, getting harsher and more aggressive each time. If you don't respond, they may actually pursue legal action against you, register a lien on your property, garnish part of your wages, and ultimately force you into bankruptcy. The moment you realize you can't manage your debt on your own, call us right away. We'll stop the collectors, the court proceedings, the fear, the stress, and help you get free of debt, improve your creditworthiness, and start a new, happier chapter.

- A question about rebuilding your credit history after bankruptcy or a consumer proposal.

- This is genuinely an important question, since how quickly you can borrow again, get a mortgage, or have a leased or financed car depends entirely on rebuilding and improving your credit. I've heard all kinds of opinions on this: that you'll never get credit again, that bankruptcy is better than a consumer proposal, that it'll affect your mortgage, and so on. So what actually happens? The moment you file for bankruptcy or complete a consumer proposal, the Trustee in Bankruptcy reports this to Equifax (the credit bureau), and your debts get flagged with an R7 or R9 status (bad debt). Obviously, that's a red flag for any future potential lender. So what should someone in this position do to rebuild their credit as quickly as possible? 1. Obtain your discharge from bankruptcy, or fully pay off the remaining balance under a consumer proposal. 2. Use any credit product available to you: secured credit cards or loans, a car lease, and so on. Use them, and, most importantly, pay them on time - the more often, the better. 3. Once you've done 1 and 2, roughly a year later you'll be able to get your first small unsecured credit product. From there, it's up to you.

- Can I file for bankruptcy or a consumer proposal if I own two homes and a car?

- This is a genuinely important question when it comes to determining which program you qualify for. By definition, you're insolvent (unable to keep up with your debts) if your unsecured debts exceed the value of your assets (property, vehicles, stocks, savings funds, gold, diamonds, cash, and so on). So, for example, if your debts total $60,000 and the equity in your home(s) comes to $100,000, you won't qualify for either program. You could take out a second mortgage, an equity line of credit, or ultimately sell the property and pay off your debts. If the equity in your home(s) is minimal, say you bought with 5% or 0% down, bought recently, or the market in your area has softened, then there may be little or no equity at all. In that case, setting other details aside, and depending on your circumstances, you'd be considered insolvent. The key here is properly determining the value of your assets. A few details on assets: you're generally allowed one, or at most two, properties classified as a principal residence (your main home or condo, plus a cottage or a house in a remote area as a secondary property), while everything beyond that is treated as a business asset. There are many nuances in how property and vehicles get valued and classified, so leave that to us - we work in your interest.

- I'm a truck driver (owner-operator), and I've built up a mountain of debt from constant repairs and downtime. I want to give the truck back, but the lender is demanding $30,000 to break the contract. I'd like to get rid of both the truck and the debt.

- This is a fairly common situation. Both bankruptcy and a consumer proposal can resolve it. The truck goes back to the financing company, and the remaining debt (penalties and so on) gets fully discharged through bankruptcy, or substantially reduced through a consumer proposal.

- Why should I use your services instead of going directly to a trustee?

- The key difference between our company and a trustee is that we work in the debtor's interest. We know every detail of the process, all the points that matter, and how to prepare your paperwork correctly to avoid problems down the road. It matters enormously to us that your minimum proposal to creditors gets accepted, or that you're successfully discharged from bankruptcy. Make the right decision - use our services, and we'll protect your interests.

If you have questions about anything discussed here, or your debt situation is weighing on you, don't wait - call A Debt Doctor right now. We'll help you resolve your problems.

Stay healthy, and stay debt-free!