Debt Doctor


It’s no secret that the current form of capitalism depends on the movement of a few critical flows of finance, commerce, and service. The critical aspect of our economy is, of course, a well-balanced money flow. We now understand why the economy is in such a state of flux. Production contraction, consumption stimulation in wealthy nations, particularly the United States, enormous stock market speculation, and imprudent real estate finance policies, to name a few examples. Because of low-interest loans, the public has become used to spending money. And everything was good until the crisis:

  • The US GDP began to contract.
  • The property became more affordable.
  • People began to lose their jobs.

It all had an impact on Canada, of course.

Many individuals find themselves challenged when their costs exceed their earnings. As a result, their debts are accumulating at an alarming rate. First, they must pay the mortgage with their credit line and solely pay the interest on their credit cards. Then collection agencies begin calling, threatening garnishment. Thank God if you don’t have these difficulties, and we pray you never will. But if that happens, if you can’t manage your spending and wind yourself in debt, it’s not the end of the world. Fortunately, Canadian individuals have the option of resolving this issue under the Bankruptcy and Insolvency Act, which allows creditors and debtors to reach an amicable agreement.

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