Ask us debt management questions right now with our Goodbye Problems expert.

Question – what do I do with these letters from the credit collection agencies and e-mails that they are sending me? Can they harass me legally?

Sammy Kay-Mississauga.

Our goodbye problem expert says –
Sorry to hear that you have got into a financial and credit mess, Sammy. However, it is necessary for you to face your down turning financial situation right now. Hoping against hope that your creditors are going to go away does not work. You might find yourself facing a legal notice one fine morning. So contact us right now and get the best credit solution and debt management solution. We are going to give you the best legal advice on how you can face your creditors and repay your debts.

I have a business which is still operating successfully, but I want to make sure that I do not face any financial problems in the future in case the economic situation in Canada goes into recession. Can you help prevent that from happening? Also, I am making minimum payments on my credit cards, but I cannot seem to get rid of this debt trap. What do I do?

David R- Brampton

Our Goodbye Problems Expert Says-
David, you are facing two problems here. Firstly, contact us to get the best financial solutions all that you do not face any potential problems in the future. Our financial experts are going to give you the best advice on how you can prevent your debt load from becoming a real financial problem.

As for minimum payments on your credit cards, well, this is definitely not an option which we would suggest to our clients. Any advice given to you by your bank, of minimum credit card payments is naturally for their own benefit. You pay a given sum of money to them, against your credit card debt, every month. But you have not paid off your total credit card bill, have you? That amount is still outstanding and your bank is going to send you the bill again next month with interest attached to it. And so you pay another minimum amount. You cannot afford to get into this vicious circle of credit card debt. So talk to us at Goodbye Problems so that we can give you the best way in which you can get rid of your credit card debts.

What are the credit counselling services which are going to be given to me, at Goodbye Problems?

Andrea J – GTA

Good you asked! Our professional team at Goodbye Problems is always ready to give you a large number of services in these fields –

  • Credit counselling.
  • Debt consolidation.
  • Debt management.
  • Legal services.
  • Financial solutions.
  • Bankruptcy services.
  • Credit repair.

These are just some of the services that we offer you At Goodbye Problems.

Getting To Know More About Bankruptcy and consumer proposals.

Bankruptcy is a legal status of an insolvent person or an organisation, that is, one who cannot repay the debts they owe to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor.

Bankruptcy is not the only legal status that an insolvent person or organisation may have, and the term bankruptcy is therefore not the same as insolvency. In Canada, bankruptcy is limited to individuals, and other forms of insolvency proceedings, for example, liquidation and administration are applied to companies.

Bankruptcy in Canada is governed by 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 overseeing that bankruptcies are administered in a fair and orderly manner by all licensed Trustees in Canada. Trustees in bankruptcy actually administer the bankruptcy estates and are governed by the Bankruptcy and Insolvency Act of Canada.

Bankruptcy is filed when a person or a company becomes insolvent and cannot pay their debts as they become due and if they have at least $1,000 in debt.

What is the difference between Goodbye Problems and a trustee?

Remember that a trustee’s job is to look out for the interests of your creditors. However, if you retain us and our services at Goodbye Problems, we are going to be looking out for you and how
best way in which we can ward off filing for bankruptcy.

This is where we might offer you the suggestion to file for a consumer proposal.

In Toronto, a person can file a consumer proposal as an alternative to bankruptcy. A consumer proposal is a negotiated settlement between a debtor and their creditors. It also means that your assets are not going to be seized by your creditors.

A typical proposal negotiated by us with your creditors would involve you making monthly payments for a maximum of five years, with the funds distributed to your creditors.

Even though most proposals call for payments of less than the full amount of the debt owing, in most cases, the creditors will accept the deal, because if they do not, the next alternative may be personal bankruptcy, where the creditors will get even less money.

The creditors have 45 days to accept or reject the consumer proposal.

Once the proposal is accepted by both the creditors and the Court, you as the debtor are going to make the payments to the Proposal Administrator each month (or as otherwise stipulated in their proposal), and the general creditors are prevented from taking any further legal or collection action.

However, if the proposal is rejected, you are going to return to your prior insolvent state and may have no alternative but to declare personal bankruptcy.

So now that you know all about bankruptcy, and consumer proposals, contact us right away at
Goodbye Problems –

Call Us at:

Mississauga 905-272-0090

Alberta 780-901-5572

You can also fill in the form on our site, right here and get to know all about no obligation, no cost one time free debt counselling from our agents to work out the best debt consolidation and debt management in GTA plans for you.