How We Help
Our professional advisors help you to find the best strategy to address your debt problems
There is no better time than now to start on the path to financial recovery. Devletian & Associates helps you assess your situation and explore your options for a better future.
Are your monthly expenses more than your monthly income?
Financial hardship comes with many unsettling emotions that may leave you feeling paralyzed and anxious about your future. While it may seem difficult to get started in addressing your debt issues, it only takes a small step to get the process going.
Start by collecting all your paperwork and make a tally of your income and expenses as best you can. This may seem like a small achievement in the grand scheme of things, but this first step may spur the motivation you need to address your financial problems head on.
Try this now. Make a list of all your monthly debt payments including credit card debt in one column and your revenue in another.
Devletian advisors will help you make sense of your financial situation
We know that organizing your paperwork and understanding the exact state of your finances may be easier said than done. Maybe you have business debt as well as personal debt that makes it more complex, or maybe your creditors are already taking action against your assets.
We are here to help if you are having difficulty evaluating your situation.
I was getting so depressed with the burden of my credit card debt. I could no longer answer my phone for fear of harassing calls from creditors . Now I have a real solution to my debt issues. It feels like I got a new lease on life"
- Anonymous
You may be able to work through your financial problems without filing for bankruptcy
Filing for Bankruptcy is a last resort for people struggling with debt. Our responsibility is to help you find alternatives to bankruptcy, if possible, and explain the advantages and disadvantages of each. We want you to regain your financial freedom with as little impact to your credit rating as possible.
Should you decide on a formal consumer proposal or bankruptcy, in Canada, the law requires you to appoint a Licensed Insolvency Trustee.
Talk to your
creditors
If you find that you are unable to make your minimum payments do not hide, hoping that your creditors will not notice. Take the initiative and talk to your creditors. Let them know you are having some short-term problems, that you intend on paying them back, but you need some leeway.
Review your
interest rates
Review the interest that you are paying on each type of credit card that you have. These rates can vary widely from the Prime Rate to a whopping 33% on some types of debt. As a general rule, a line of credit has a lower rate than credit cards, and credit cards (Amex, Visa, Mastercard etc.) have lower rates than charge cards (The Bay, Canadian Tire, etc.). Pay off your highest interest card first.
Consider a
consolidation loan
If your credit score still permits, a bank or other lender may be willing to give you a consolidation loan that would turn your debt into one easy payment at a lower interest rate. Beware of consolidation loans from non- traditional lenders who may hold you to unreasonable rates or conditions.
Consider registering a voluntary deposit with the court
A voluntary deposit involves turning over a portion of your salary to the Quebec Civil Court which is then shared among your creditors until your debts are repaid. This allows a debtor to avoid bankruptcy and stop potential asset seizures.
What happens if your efforts to improve your financial situation fail?
If all your efforts in talking to your creditors and repaying your debts have failed, you may be ready for a more definitive resolution to your financial burden.
Formal and legally binding debt solutions such as a formal consumer proposal or bankruptcy proceedings in Canada can only be filed with the appointment of a Licensed Insolvency Trustee.
Licensed Insolvency Trustees are regulated by the government and are required to work in the best interest of both the debtors and the lenders. Fees paid to a trustee are negotiated within the creditor settlement, so there are no up-front fees.
We are Licensed Insolvency Trustees
Devletian & Associates has experienced and fully Licensed Insolvency Trustees that have helped hundreds of individuals and businesses navigate the legal proceedings for: