I still need to stop and remind myself to find that inner money peace I once lost. Having struggled through so much in my lifetime I should know that it’s not all about the money and the goods and material garbage. What it’s about is being happy and enjoying the company of people you’re with. Which is why I strongly believe that a fresh start is so important. The best part? You don’t have to give up everything! Use a consumer proposal as an alternative to bankruptcy.

Wondering what it’s like to get a consumer proposal in ontario? Luckily I know someone that’s been through the entire process. Me! There are many great firms around that can help. It is important to note that while these firms are licensed nationally by the federal government, an awful lot seem to specialize in their region and don’t cross too many provincial borders.

consumer proposalsThe Canada consumer proposal process is not overly intimidating once you take a minute to review what’s involved. Once you’ve outlined all your debts and assets, the trustee you’re working with will put a proposal to all your creditors together so that they can vote on whether or not they accept. Each dollar owed counts as one vote and a 50% “yes” is needed for acceptance. A typical proposal can range from you only paying 30 cents to 60 cents on the dollar for your unsecured debt over a certain time frame. Simple as that!

That being said, when my friend needed a consumer proposal toronto was one of the most expensive cities to live in. If you’re talking about Canada it’s at least #2 next to Vancouver if not more expensive if you factor out Real Estate. Be smart about WHERE you want to live, if it’s not important and not career dependent, avoid the expensive cities!

Finding Someone Reliable

When it comes to your personal finances, you want to make sure you have someone you can trust. They’re handling your money! But what happens when it comes to your debts? We all seem to borrow from whoever will lend to us (at ideally the best rate possible). So when we get into trouble we risk losing everything. Literally, all of your assets gone! Makes sense you need to sell those to at least pay back some of your debt. That being said when (or, if, ideally) this time comes, you can speak with a bankruptcy trustee to walk you through the process.

hoyes bankruptcy helpNow, some people just seem to go to the first one they find online as finding financial services or other banks near me seems to be the trend (which is fine because, how else would you know who to turn to?), but they visit and stick to only the first one! I strongly suggest getting out and speaking with two, even three. Get a feel for how they work with you. Did they plan anything? Talk you through anything? Or just promise that they can help and walk you through their fee structure?

Take the time to vet someone properly. This doesn’t happen over night, so if you’re desperate please hold out for at least two. Now, I’ve put together a bit of a list of ones if worked with before and trust. But instead of putting it in a list and dumping it here, I’ve decided to create a map for you. Dig around and enjoy.

So as I mentioned, if you want a map of where to find the best Bankruptcy Burlington Trustee, check this map of a handful of great ones!

Alternatively, you can visit one of my favourite bankruptcy trustee firms at:

Hoyes, Michalos & Associates Inc.
2289 Fairview St #315, Burlington ON
(905) 632-8299

Use buckets

Use buckets? What we’re talking about here is a great strategy for controlling your habits and getting your debts paid down. This is an option before turning to bankruptcy trustees in the GTA, Cambridge and Waterloo areas.

mississauga debt helpA classic. It started with saving (save for a down payment, save for a car, for a rainy day or emergency), but it can work with spending too. Can you set a realistic budget for groceries? For entertainment? Find out what you spend money on and set a realistic but sensible goal for spending. Then move money into that account or put the cash directly into that bucket. From there, you spend that amount. If you’re frugal one month, you can bank a little extra next month. But you can’t ever borrow into your bucket. This will force you to spend sensibly.

Once you’ve been executing this strategy for several months, you may love it and stick by it or you can try making it digital. If not, maybe tips from www.hoyes.com can help. Maybe you have a few chequing accounts and avoiding using credit? Even with all of the software to track spending, it’s definitely easy to report or where your money was spent but it’s still challenging to control where you spend your money. The physical money makes it easier. But an empty bank account also sends a clear message. You could use your chequing account (if you only have one) as the current pay period’s spending. And just spend that money that pay period (harder to control if you decided to spend more on eating out than groceries itself). At least this way you can automatically transfer money to where you want it to go then only spend what you can afford.

There are people and firms that can help you if this method doesn’t work. Using a bankruptcy trustee Mississauga firm can help if you’re in the GTA area.

To get the ball rolling out there, I want to hear stories from everyone about what it was like to get started on your own. Assuming you’ve either tried or still run your own company / agency – I want to know what that experience was like. What happened on Day 1? Did you sit at home and cry, confused as to how to proceed? Did you start cold calling? Registering your business? Building your own website? Taking out a business loan or upping your credit card limit before the car companies realized you no longer had stable income?

working alone

There are many things people do on Day 1. A lot of people get into agency work because they had a client or saw a need and branched out on their own. People often take one or two clients with them when this happens, which provides a bit of cushion in the beginning. The danger is it can act as a crutch. You start Day 1 completing projects, working in the business, not on the business. It’s hard to start prospecting and filling that sales funnel this way.

What did you do? Did any of this sound familiar? Was yours any different? Please comment and let us know!

Lead the discussion.