What is debt restructuring? I have many people asking – “is this just like going bankrupt with a trustee “ or ”is this like credit counselling? “ or “ is 4 Pillars a Debt Settlement company”? I understand why folks would be a little confused with all the terminology being used in the marketplace, but...Continue reading
Who really needs debt help Much of the general public assumes that the people who need help sorting out their debt troubles are a bunch of irresponsible shopaholics. It’s easy to make that assumption too, since there is a lot of conspicuous consumption in our society—we are constantly bombarded with advertising messages every day encouraging...Continue reading
Debt restructuring is the process by which a significant portion, usually 60-80% is extinguished while the remainder gets paid off over a period of up to 5 years interest-free. It is principally a method to avoid bankruptcy. Creditors like it because they get something in return on what they have lent out. In comparison, a bankrupt...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
If you take some time to browse www.4pillars.ca you will notice that we proudly claim to possess a 97% success rate with all our restructuring programs. This number isn’t an accident. It’s the result of a commitment and concerted effort to counter the average success rate within the debt restructuring industry which unfortunately rests at...Continue reading
This article is written by Paul Murphy, a 20 year veteran of the financial services industry and all-around knowledgeable guy. Debt is a common battle for millions of Canadians and you probably understand the causes and ways out, right? In some ways, debt and personal finance is really simple. But things often get complicated when...Continue reading
In 2014, I met a Kitchener resident who was facing such terrible financial difficulties that they were considering filing a bankruptcy through a trustee. The individual was highly educated but had recently become unemployed after buying a new home. She also had an older unreliable vehicle that was costing more to fix than what it...Continue reading
This article is by Trevor Glasser, a debt consolidation expert in Oshawa, Ontario. Trevor Glasser has over 7 years of experience helping Oshawa families and businesses get out of debt. Many consumers struggle with trying to figure out if they are in trouble or not. How do you objectively determine what your financial health is...Continue reading
This article is by Paul Murphy, our Managing Partner with 15+ years of investment and banking industry experience. If you’d like advice about your particular situation, reach out here. How Debt Restructuring Works in Canada In simple terms, debt restructuring is a proposal made to your creditors where you offer to repay the debt on different terms than...Continue reading
