Reduce Debt

Did you know you can reduce your debt by up to 75%?

Reduce Debt

Debt free life can be a reality

Debt free life can be a reality

When faced with spiralling debt, and no end in sight, there are ways to help reduce your debt. At Financial & Debt Solutions, you have two options under the Bankruptcy and Insolvency Act:

  • Consumer Proposal
  • Bankruptcy

Each option has its benefits as well as disadvantages. You do not have to face this challenge by yourself. Our trained consultants will help you choose the option best for you and your circumstances. You no longer have to face debt by yourself alone; choose us as your partner and live stress fress.

Consumer Proposal

It applies to your unsecured debts, such as credit cards, personal loans, line of credit or personal income tax etc. Your secured debts such as mortgage or car loan does not fall under this option. Under this option, you pay an affordable amount to the creditors without interest. The benefits of this option are:

  • The creditors cannot take any legal action against you after filing Consumer Proposal.
  • You keep all your assets.
  • No more harassing calls.
  • No interest to be paid.


This is another option according to the Bankruptcy and Insolvency Act. This is also a legal process just like a Consumer Proposal. With this option you have a fresh start of debt free life. No more calls from the creditors or collection agencies. Your secured debts may be excluded and you may be able to keep your house and your car unless you want them to be included in the Bankruptcy.

  • Your clothing and personal effects are exempt (Not exceeding $10, 000)
  • Household furniture is exempt (Not exceeding $11,300)
  • Tools exempt (Not exceeding $11,300)
  • Motor Vehicle exempt (Not exceeding $5,650)