Do Nothing with your debtspan Do Nothing with your debt, Assume that you will pay off all your debt within 5 years.
Consolidation Loan Option Consolidation Loan Example, Assume you will pay off all of your debt at a more reasonable interest rate. You must qualify with your bank for financing.
Orderly Payment of Debt Option Orderly Payment of Debt Option, You pay back all of your debt plus a fixed 5% interest rate.
Consumer Proposal (FABER) Pay a portion of your debt with no interest over 5 years.
Frequently Asked Questions
Bank of FAQ to support the calculator and questions users may have regarding its usage and output.
It is an agreement between a business and its creditors to restructure its debt
It is a process of gathering the information we need to find the most ideal debt restructuring plan for you.
A termination of a non-viable business
A business is defined as being insolvent when it can no longer pay its debts as they become due. Bankruptcy is a legal process administered under the Bankruptcy and Insolvency Act that provides the business with immediate protection against any further legal action by its unsecured creditors and provides a mechanism to liquidate the assets and provide a final accounting to the creditors.
It is a federal law that allows insolvent corporations to restructure their business and financial affairs
It is an in-depth review of a company’s financial position
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