Debt is a continuously growing problem for households in Canada today, putting the economy at risk. To do our part, our debt counselling company, 4Pillars, seeks to end debt through a different approach to help those still struggling with it. Our services are specifically aimed at addressing the debtor’s needs in over the creditor’s unlike some...Continue reading
Why is there so much credit card debt We live in what is called a “Consumer Society” this means that products are bought on credit, so you have it now and pay for it later with interest this is called unsecured debt. It is easy to stay on top of your debt if you pay...Continue reading
When we think about filing bankruptcy, we often think that we will be in the hands of the court and protected from your creditors. In some ways this is true, but you will actually have to pay fees to the Bankruptcy Trustee and just because you are paying their fees, this does not mean they...Continue reading
At some point in your life you may find yourself in need of a financial home renovation. In some cases it may be a simple DIY fix with a fresh coat of ‘tighten the budget’ paint. However, for most of us, Debt Restructuring is a bigger project, one that should be left to the professionals....Continue reading
The debt situation: A family contacted our 4 Pillars office in Barrie Ontario. They had $120,000K in unsecured debt. They were considering bankruptcy. Monthly payments: Their minimal debt payments had risen to a crippling $3,500 per month. Methods they had tried: The family accepted full responsibility for their debt. They had already looked at other debt solutions. One...Continue reading
One of the biggest obstacles for people to overcome in dealing with their debt is the fear that others may find out you have experienced a financial crisis. As in the article “I am embarrassed by my debt “ by Trevor Glasser overwhelming debt can be not only embarrassing but debilitating and destructive to your...Continue reading
Banks, credit bureau agencies, hiring agencies, and even peers have done a great job in attempting to tie our self-worth or societal standing to our credit rating. I hear people say to me every day “I want to solve my debt but I don’t want to damage my credit rating”. I fully understand what people...Continue reading
This is a common theme for people in debt. Unfortunately society seems to make an association between a person’s character and their net worth. Sadly, this is not a fair measure at all as other people don’t know how you got into the situation you are in. Having debt issues does not necessarily reflect on...Continue reading
How does Canadian Insolvency Work The Bankruptcy Insolvency Act (BIA) provides two remedies to settling debt through either bankruptcy or consumer proposal and each has pros and cons. Regardless of which one a consumer (or business chooses) the unsecured debts are dealt with and within 24 hours there is a stay of proceedings where creditors...Continue reading
“Nothing good had happened to me for months until the pair from 4 Pillars came into my life. One of the first things they said to me after reviewing my financials was that I should not go bankrupt and I wasn’t going to lose my condo.” The debt situation Ryan, age 50, (name changed for...Continue reading
