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Types of Debt in Canada

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Types of debt in Canada

Debt is an amount of money you borrow from another party. It is often used to make large purchases you would otherwise be unable to afford. Purchasing a new car using a loan or buying a brand new oven using a credit card accrues debt.

There is no problem with having debt, as long as you can pay the money back by the date agreed upon by you and the party you borrowed from. If you miss payments to your creditors, financial consequences follow which can ruin your credit and lead to other problems.

If you have personal or corporate debt you are unable to pay off, you need debt help. Across 9 provinces, residents and corporations rely on the Licensed Insolvency Trustees (previously known as Trustees in Bankruptcy) at Harris & Partners Inc. for debt help and counselling.

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Types of debt help

  •  Personal bankruptcy – If you are an adult owing at least $1,000.00 and cannot pay off your debt, you can file for bankruptcy. In this process, you can get a fresh start by assigning your assets to a Licensed Insolvency Trustee to eliminate your debts.
  •  Corporate bankruptcy – An option of last resort, corporate bankruptcy can be initiated by a debtor or creditor. Your corporation’s assets will be assigned for the general benefit of your creditors.
  •  Consumer proposal – An alternative to bankruptcy, a consumer proposal is an offer made by you to your creditors requesting lower payments over a longer period of time, which can make paying your debts easier.
  •  Corporate proposal – Becoming insolvent means you are unable to pay your corporate debts. To avoid serious legal problems, there are formal and informal arrangements you can make with your creditors to pay off your debt on a new schedule.
  •  Debt consolidation – By combining all of your debts into one new loan with one monthly payment, debt consolidation can make managing your debt much easier.
Shahrad Nakhaie
Shahrad Nakhaie
2022-12-23
They are so great, every thing was so easy for me. Unbelievable, All my debt are gone now and I feel like I'm free, thanks Osman Ali for all you did for me, at the first time it's even hard to believe that was real, but it's real and easy. Thank you bro for your help.
Cody
Cody
2022-12-06
Osman is a professional and you cant find anybody better. He really cared about my situation and paid attention to every little detail so he can help me best. Thank you osman and the rest of the team for helping me through my struggles.
Banda Gueye
Banda Gueye
2022-10-29
Osman is a vert nice gentlemen, he was polite sweet and gentle. He really cared about my situation and paid attention to every little detail so he can help me best. Thank you Osman and the rest of the team for helping me through my struggles.
Kim Brown
Kim Brown
2022-08-29
So far this has been a great company, I have been with them over a year. Every time I have an issue Josh jumps right on it and helps me out. He never makes me feel like I'm being a pain in the butt 🙂 I definitely recommend them, I have referred two of my family members to get help and now Josh is helping them as well. I thank you Josh for all the hard work and responding so quickly to all my messages.⭐️⭐️⭐️⭐️⭐️
Ajanthan Murugananthan
Ajanthan Murugananthan
2022-04-28
Staff members Samuel and Josh were both amazing. Both very friendly, professional, and efficient. They took care of my credit card issues and line of credit and made it manageable. I would highly recommend Harris & Partners Inc. They have given me a new life in my financial life to success.
Paul Woo
Paul Woo
2022-03-01
Staff members Yasan and Josh were both amazing. Both very friendly, professional, and efficient. They took care of my credit card issues and made it manageable. I would highly recommend Harris & Partners Inc.

Take control of your debt with Harris & Partners

If you need help navigating your debt, you’ve landed in the right place. Our specialist team of Licensed Insolvency Trustees is on hand to help you with everything from understanding the type of debt you have, to finding the long-term debt solutions you deserve.

With over 50 years of experience, you can count on us to help you manage your debt with dignity. Whether your debt is personal or corporate, we promise to provide honest, judgement-free advice every step of the way.

Contact information

It's never too late to obtain debt help. Book your free consultation today

Phone number
888-376-8488
Email
hello@harrispartners.ca
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Support across Canada

Why Harris & Partners

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Remove up to 80% of your debt

Our Licensed Insolvency Trustees provide a customized service that could remove up to 80% of your debt and stress, so you can breathe easier.

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We speak your language

Our multilingual team provides support in many languages, from Farsi and Portuguese to Italian and Tamil, leaving out complicated jargon, so you understand everything, every step of the way.

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Debt support across nine provinces

Want to speak to someone in person? Our team is on hand to help at a Harris & Partners office near you.