Start With Trust
Sponsored editorial
Robbing Peter to pay Paul Are you robbing Peter to pay Paul? Lots of people do when they’re in debt. Debt consolidation companies can help you with your financial troubles—provided you choose the right one.
and go and change names as quickly as fly-bynight companies in other industries. As always, buyer beware!
do to get a fresh start.”
The honest debtor does not have to fear losing everything or having others know their money problems when declaring bankruptcy. Plus, in most cases, bankruptcy can relieve the unrelenting stress of overwhelming debt.
Licensed trustees across the country administer and follow the guidelines of “Watch for hollow promises and companies Industry Canada’s bankruptcy programs. They that just tell you what you want to hear,” Barry are highly educated, regulated and licensed Nykyforuk of BNA Solutions warns. “Make sure individuals or firms trained to help you. You you deal with a licensed trustee.” do not need a referral to retain a licensed trustee. Once you retain one, they’ll show you If you’re in financial trouble, a licensed how repayment plans can reduce your monthly trustee can offer a variety of legitimate payments and eliminate further interest on solutions, including repayment plans or outstanding unsecured debts such as credit bankruptcy. cards, cellphone bills, lines of credit, income “Everyone has a fear If you’re in financial trouble, taxes, payroll loans of bankruptcy,” says a licensed trustee can offer a variety and some consolidation Nykyforuk, who is a of legitimate solutions, including licensed trustee, “but it repayment plans or even bankruptcy loans. (Car loans and mortgage payments are can be the right solution. secured debts and if you It’s not nearly the worst fail to make payments on them, the lender can thing that can happen to you, and sometimes repossess your car or foreclose on your home.) it is exactly what the honest debtor needs to Bankruptcy is a formal and federally regulated process designed specifically to help the honest debtor deal with overwhelming debt. It is not intended to help people abuse the privilege of credit. Nykyforuk has seen countless people in debt turn in desperation to companies that call themselves credit counsellors, debt counsellors, debt settlement or loan consolidators, only to be taken advantage of. Debtors need to use extreme caution with companies that say they can settle your debt for 25 cents on the dollar or will deal with your creditors. Some of these firms are neither licensed nor regulated and lack the jurisdiction or legislative authority to deal with your debt. Such companies have simply found a niche in the market to make money. They often come
“The government’s bankruptcy programs were put in place to help you and to possibly stop some of the pay-day loans and loan sharks that desperate people may turn to,” Nykyforuk says. “A licensed trustee is responsible for ensuring the rights of a debtor are not abused.” As well, a licensed trustee has a variety of programs and services for those looking to manage their finances. Look for a “Licensed Trustee in Bankruptcy” anytime you need financial help. Barry Nykyforuk operates BNA Solutions and is a licensed trustee. He can be reached at 403-232-6220.
Fall/Winter 2013
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