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FEEL LIKE YOU CAN’T GET OUT OF DEBT?

We know sometimes debt can pile up and a mortgage is not always the solution.

One small monthly payment can change your world and increase your cash flow.

We have partnered with a trusted referral partner to help you take control of your debts. Our referral partner can help with the following:

  • Credit and debt issues
  • High Interest Credit Card Debt
  • Income Tax and HST Debt
  • Collection Calls
  • Wage Garnishment

We have 2 Great Programs To Help You From Our Referral Partners

Consumer Proposal

A Consumer Proposal is a debt management arrangement you make with your creditors to settle the debt amount and/or timing of the payment of your debts. The proposal often allows you to negotiate to repay less than the full amount owed. A Consumer Proposal is also legally binding, which means your creditors will stop harassing you, garnishing your wages, and will stop all other actions against you.

Our referral partner has experience working alongside Trustee’s in Bankruptcy and can help you find a solution that best fits your financial situation. The process is very simple! First you have an initial no-obligation consultation in which the goal is to review your financial situation. After reviewing your scenario, they come up with a custom tailored solution that best fits your needs. You will then start a step by step process to implement this tailored solution. If you decide to proceed further then the Counsellor will set up a second consultation in which we will start your proposal process.

Your tailored Consumer Proposal will automatically stop the following:

  • Legal Actions by Creditors
  • Collection Proceedings (calls, letters etc)
  • Lawsuits
  • Asset Repossession
  • Wage Garnishments

You keep all your assets, such as your house, car & investments and your income is never monitored.

Debts you can eliminate in a Consumer Proposal:

  • Unsecured credit cards & lines of credit
  • Unsecured personal loans
  • Income tax debts – if not classified as an overpayment
  • Student loans – if more than 7 years old
  • Business debts – personally guaranteed only
  • Utility bills – should the services not be required anymore
  • Pay day loans
  • Medical bills

Debts you CANNOT eliminate in a Consumer Proposal:

  • Fines imposed by the Courts
  • Certain government overpayment’s
  • Debts that arose as a result of fraud or theft
  • Court awarded damages for sexual assault or intentionally inflicting bodily harm
  • Child & Spousal support
  • Student loans – less than 7 years old

You are eligible for a consumer proposal if:

  • You are natural person who is insolvent, including a bankrupt &
  • cannot meet payment obligations as they become due &
  • owes less than $ 250,000.00 (not including a mortgage on their principal residence)

If debts are more than $250,000.00 including car loans than the proposal is categorized as a DIV 1 of part III of the Act or you may opt to file for Bankruptcy.

You have the maximum of 5 years to pay these monthly payments or you can choose to pay your debt faster by making bigger payments or even pay off the whole proposal without any penalties.

  • Missed Credit Card Payments
  • Payday Loans
  • Consolidation Loans
Citadel Financial Wealth Group -Life Insurance Solutions Across Canada -Life-Health-Group-Mortgage Insurance

Bankruptcy

Bankruptcy or insolvency is a legal status of a person or an organization that cannot repay the debts they owe to their creditors. Bankruptcy in Canada is set out by federal law, in the Bankruptcy and Insolvency Act and is applicable to businesses and individuals. The office of the Superintendent of Bankruptcy, a federal agency, is responsible for ensuring that bankruptcies are administered in a fair and orderly manner. Bankruptcy is filed when a person or a company becomes insolvent and cannot pay their debts as they become due.

Our referral partner has the experience working alongside Trustee’s in Bankruptcy and can help you find a solution that best fits your financial situation. The process is very simple! First they have an initial no-obligation consultation in which the goal is to review your financial situation. After reviewing your exact situation, they come up with a custom tailored solution that best fits your needs. You will then start on a step by step process to implement this tailored solution. If you decide to proceed further then the Counsellor will set up a second consultation in which we will start your process.

Filing a Bankruptcy will automatically eliminate the following:

  • Legal actions by creditors
  • Collection proceedings
  • Lawsuits
  • Asset repossession
  • Wage assignment

In Bankruptcy, there are conditions when certain assets are not exempt.

Your following assets will be exempt in a Bankruptcy:

  • Property: when there is no equity available
  • Income: an individual is within the Income Standards set out by the Office of Superintendent of Bankruptcy (no surplus), income to be monitored monthly.
  • Personal effects up to $5,650.00
  • Household goods up to $11,300.00
  • Tools-of-trade up to $11,300.00
  • Farmer’s tools up to $28,300.00
  • Motor vehicles up to $5,650.00

Debts that can be eliminated with a discharge of Bankruptcy:

  • Unsecured credit cards & lines of credit
  • Unsecured personal loans
  • Income tax debts: if not classified as overpayment
  • Student loans: if more than 7 years old
  • Business debts: personally guaranteed only
  • Utility bills: should the services not be required anymore
  • Pay day loans
  • Medical bills

Debts that can NOT be eliminated with a discharge of Bankruptcy:

  • Fines imposed by the court
  • Certain government overpayment’s
  • Debts that arose as a result of fraud or theft
  • Court awarded damages for sexual assault or intentionally inflicting bodily harm
  • Child & Spousal Support
  • Student loans: less than 7 years old
Citadel Financial Wealth Group -Life Insurance Solutions Across Canada -Life-Health-Group-Mortgage Insurance

Client Success Stories

Our clients always come first. Our goal is to help you get the best advice and insurance solutions for your needs. Citadel Financial Wealth Group was formed to help you achieve and protect your financial success so allow us to help you today. Speak to one of our insurance agents today!

 

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Citadel Financial Wealth Group -Life Insurance Solutions Across Canada -Life-Health-Group-Mortgage Insurance
Citadel Financial Wealth Group -Life Insurance Solutions Across Canada -Life-Health-Group-Mortgage Insurance
Citadel Financial Wealth Group -Life Insurance Solutions Across Canada -Life-Health-Group-Mortgage Insurance
Citadel Financial Wealth Group -Life Insurance Solutions Across Canada -Life-Health-Group-Mortgage Insurance
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“Instant Approval, Conditional Approval, Pre-Approval” – Client may subject to underwriting approval. Not all clients will be approved for policy. Receipt of clients application does not represent an approval. Restrictions may apply,
Any rates shown are based on a set of default product options we have selected from our life insurance partners to assist in providing you with a quote and should be used as an indicative tool for comparative purposes. Any rates shown may be subject to change. This information and calculation is general advice only and does not take into account your needs, objectives and personal circumstances. A licensed insurance agent can help you further.