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To have and follow a budget limits the risk of having financial difficulties. Go to our “On-line Budget” tool to build and work on your own budget.

The goal is to:

  • Cut unnecessary expenses;
  • Postpone non-essential purchases;
  • Focus on repaying debts with the highest interest rates;
  • Analyse opportunities to sell non-essential assets (ex: a second car).

These adjustments may solve a particular problem such as facing an unexpected major expense. In other situations, it will allow you to evaluate your ability to repay your debts and to consider a consolidation loan or a Consumer Proposal.

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This may become necessary if financial difficulties are due (entirely or in part) to the acquisition or maintenance of an asset such as a house, a cottage, a second car, a motorcycle, etc.

The sale of this asset could, in some cases, allow you to promptly repay your debts and solve your financial problems. The sale of an asset can also prove to be wise when its maintenance or operating costs are high (example: Sea-doo). Eliminating this type of expenditure will enable you to restore a balanced budget.

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In some cases, negotiating with creditors, or with one of them, could be an appropriate solution to your financial difficulties. These negotiations should, however, be undertaken as soon as the very first signs of trouble appear. Creditors are less likely to accept accommodations from someone who has neglected his/her obligations for too long. You should therefore act quickly and call them before it is too late. The basis of the agreement should be a realistic budget and payment conditions that can reasonably be fulfilled. A frank and honest discussion with them may, in many cases, help. Should the creditors refuse your proposal, you can then consider a formal agreement, the Consumer Proposal, that is prepared, presented and negotiated by us. Generally, creditors prefer coming to an agreement with a customer rather than receiving a notice of bankruptcy.
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Voluntary deposit is paying to the Court a portion of your salary until 100% of your debts are paid off (plus 5% interest per year).

This portion represents 30% of gross income (before taxes), from which must be deducted an exemption that varies according to the number of dependents ($273 per week for one person, $382 if the debtor has one dependent and 437 for two, etc). If a debt is related to alimony, the attachable portion will be 50% of gross income before taxes.

Limited Protection:

The voluntary deposit protects the debtor against salary garnishments, seizure of furniture found in his residence. However, you are not protected against seizures of your home, assets and furniture financed by an installment sales contract, bank accounts or a car.

The limited protection from seizures, a continued interest on all debt, the obligation to pay a relatively high percentage of your income and your R9 credit rating makes this solution not very interesting in most cases.

For more information, consult:

www.justice.gouv.qc.ca

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© 2017 Jean Fortin & Associés - Licensed trustee in insolvency.