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1. • Consumer proposal and bankruptcy

     
     • However, a couple of legal debt solution options are available for debt forgiveness: consumer proposal and bankruptcy. Both of these options are governed by the Bankruptcy and Insolvency Act (BIA) and require the assistance of a Licensed Insolvency Trustee (LIT), which is a federally-regulated professional that assists consumers with debt issues.
     loanscanada.ca/debt/debt-forgiveness-canada/

     What Is Debt Forgiveness In Canada? - Loans Canada

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   Are there legal debt solution options for debt forgiveness?

   • However, a couple of legal debt solution options are available for debt forgiveness: consumer proposal and bankruptcy. Both of these options are governed by the Bankruptcy and Insolvency Act (BIA) and require the assistance of a Licensed Insolvency Trustee (LIT), which is a federally-regulated professional that assists consumers with debt issues.

   What Is Debt Forgiveness In Canada? - Loans Canada

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   Are there government-backed debt forgiveness programs in Canada?

   • While there are no government-backed debt forgiveness programs in Canada, there are debt relief programs that forgive debt. A DMP is a debt relief option that may help you pay off your debt.

   What Is Debt Forgiveness In Canada? - Loans Canada

   loanscanada.ca/debt/debt-forgiveness-canada/

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   What debts can I get forgiveness for?

   • Get forgiveness for debts including (but not limited to): credit card debt, overdrafts, tax debt, ICBC debt, payday loans, student loans and more. Protect assets and income that may otherwise be vulnerable to seizure by creditors. Stop the stress from never-ending balances, overwhelming payments or collection actions.

   Debt Relief and Forgiveness Options in Canada | Sands & Assc

   www.sands-trustee.com/blog/learn-about-your-options-for-debt-forgiveness-in-canada/

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   What is a debt forgiveness program?

   • A debt forgiveness program allows you to reset the clock so you can improve your budget, save money and rebuild a better credit history for tomorrow. Debt settlement companies have largely disappeared in Canada due to changes in regulations in recent years.

   How to Get Debt Forgiveness in Canada | Programs & Options

   www.hoyes.com/blog/how-to-get-debt-forgiveness-in-canada/

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3. www.hoyes.com › blog › how-to-get-debt-forgivenessHow to Get Debt Forgiveness in Canada | Programs & Options

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   As Licensed Insolvency Trustee (also known as bankruptcy trustees) regulated by Industry Canada, we provide free initial consultations to explain all your debt relief options, including credit counselling, debt settlement, debt consolidation, consumer proposal and personal bankruptcy.

4. www.sands-trustee.com › blog › learn-about-yourDebt Relief and Forgiveness Options in Canada | Sands & Assc

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   Learn about the two options for legal debt forgiveness that can forgive your debt from credit cards, student loans, taxes and more.

5. Videos

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     Debt Settlement Companies - How to Choose the Best One | Freedom Debt Relief

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6. loanscanada.ca › debt › debt-forgiveness-canadaWhat Is Debt Forgiveness In Canada? - Loans Canada

   loanscanada.ca › debt › debt-forgiveness-canada

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   Aug 14, 2024 · Does Debt Forgiveness In Canada Exist? In Canada, no official government-backed debt forgiveness program exists. However, a couple of legal debt solution options are available for debt forgiveness: consumer proposal and bankruptcy.

   • Child support and alimony need to be paid, regardless of your financial situation.
   • Depending on your circumstances, you may be required to sell a home or vehicle to pay off mortgage or car loan debt. Failing that, you could face f...
   • When you decide which debt relief option to take, make sure you are clear about which accounts will be included in the program. Typically, credit c...
   • Student loan debt cannot be included in bankruptcy or consumer proposals for at least 7 years after finishing school. There is a hardship provision...

7. wealthawesome.com › debt-forgiveness-in-canadaDebt Forgiveness In Canada: 2 Legal Options to Try (2024)

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   Nov 14, 2022 · Currently, Canada offers two legal options for debt forgiveness – bankruptcy or a consumer proposal settlement. Below, I’ll explain a bit more about each of these options for debt forgiveness, outline the pros and cons of each, and answer some of the most commonly asked questions about debt relief in Canada.

8. debtsolutions.bdo.ca › 5-debt-relief-options-in-canada5 debt relief options in Canada | BDO Debt Solutions

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   • Debt consolidation. Debt consolidation is an option for anyone who has several types of consumer debt that they want to manage more effectively. Having multiple consumer debts often means you have multiple payment dates, lenders, and varying interest rates (credit cards generally have interest rates as high as 20 per cent).
   • Debt management. A debt management plan allows you to come to an agreement with your creditors that reduces your payments. A credit counsellor is able to assist you with the negotiation with your creditors.
   • Debt settlement. Debt settlement agreements result in you repaying a portion of your debt. In this case, you need to involve a debt settlement company.
   • Consumer proposal. A consumer proposal is one of two options for legal debt forgiveness. An LIT will negotiate an agreement between you and your creditors that will allow you to repay a portion of the total debt you owe, over a maximum of five years.

9. www.savvynewcanadians.com › debt-forgiveness-canadaDebt Forgiveness In Canada: What Are Your Options?

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   Nov 8, 2023 · There are legal ways to combat debt, such as the aforementioned consumer proposal or declaring bankruptcy. These methods do require the process to go through the courts and will stay on your permanent record.

10. bankruptcycanada.com › options-for-debtOptions for Debt Forgiveness in Canada I How to Get out of Debt

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    The only government-regulated options for debt relief are those administered exclusively by Licensed Insolvency Trustees, namely: Consumer Proposals, Division I Proposals, and Bankruptcy. The Role of Licensed Insolvency Trustees. The role of a Licensed Insolvency Trustee is pivotal in your journey towards debt relief.