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
When faced with bankruptcy, a family in Ontario wanted to know their options. Here are the 6 steps we recommended, reducing their debt from $57K down to $15K. The bankruptcy situation The financial hardship began when Sara (name changed for privacy) became sick and took a leave of absence from her work. She was away from work for 6...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
“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
If you are new here, the guides and articles below will help you quickly understand your options and give you a clear direction out of debt. Debt is hell. But it does get better. Right now, it looks bleak. You’re under terrible stress and everything you’ve worked hard for is being swallowed by debt. I’ve...Continue reading
Despite what you may have heard, there are a lot more proven and legal ways to reduce large amounts of debt than simply filing bankruptcy. In fact, our analysis of over 3000 Canadian families struggling with high levels of household debt (average of $51, 394 household debt with 9 creditors) shows that while many Canadians first...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
When it comes to actually filing bankruptcy in Canada, it’s confusing for a lot of Canadians. Who do you contact? Where do you start? This is your guide to simplify bankruptcy and help you know where to start. We’ve helped thousands of Canadians deal with millions and millions of dollars in debt. But as researching this...Continue reading
Scott Patton operates our Kitchener / Waterloo office. As a debt expert since 2007 he has seen lots of changes to the debt industry and what it means for consumers to look for bankruptcy or consumer proposal help when facing difficult financial problems. The Reasons for Insolvency Since 2007 I have seen many factors that...Continue reading
Last week, we published a “True Debt Story.” It was about a man in his fifties who lost his business, fell deep into debt, and was forced to start over. This was a true story from an actual 4 Pillars client. We asked him to tell us his story and we presented his words unedited....Continue reading
