--- title: Start your journey to debt freedom date: 2023-09-08T14:34:00-04:00 canonical_url: "https://grantthorntonlimited.ca/en/debt-relief-starts-here" section: Pages --- # **Start your journey** to debt freedom Is debt getting in the way? There are solutions to get your finances back on track. Identify your situation below to find the best one for you. ![A middle-aged male looking at his smartphone to start his journey to debt freedom.](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Additional-imagery/_imageLarge/Media_2023-10-19-164201_izgx.png) ## What type of debt do you have? Scenario 1 ### I’m struggling to pay my debt in full. - **My debt is mostly unsecured** (loans, credit cards, CRA income tax debt). - **I’m only paying off interest** and not making a dent in what I owe. If this is your debt situation, a consumer proposal could reduce your debt by up to **80%**. [ Learn about consumer proposals ](https://grantthorntonlimited.ca/en/consumer-proposal/what-is-a-consumer-proposal) Scenario 2 ### I’m unable to pay my monthly bills. - **I’ve tried reducing my expenses** but still can’t keep up. - **I’m overwhelmed** by collection calls. If this is your debt situation, filing for bankruptcy might be a good option. It will protect you from your creditors and relieve you of most of your debt. [ Learn about bankruptcy ](https://grantthorntonlimited.ca/en/bankruptcy/what-is-bankruptcy) Scenario 3 ### I’m overdue on payments and legal action has started. - **I’m unable to meet most of my financial obligations** every month. - **I’ve received wage garnishment notices** (money will be taken from my paycheque). If this is your debt situation, we may be able to put an immediate stop to your wage garnishment. [ Contact us now ](https://grantthorntonlimited.ca/en/get-in-touch/contact-us) ## Debt happens ****more than you think**** We’re helping Canadians take control of their finances and live happier, debt-free lives. ### Incredible company and wonderful staff. Their guidance helped me submit a proper proposal and started me on a path to financial stability after a tumultuous and expensive divorce. They were prompt with replies and incredibly knowledgeable when I expressed concerns or had questions. They offered suggestions for improvements that streamlined the final part of the process. Incredible company and wonderful staff. — Josh L. (Edmonton, AB) ### I feel as though I am in good hands dealing with my debt solutions. It is a pleasure dealing with Doane Grant Thornton, and benefitting from their support and encouragement. There is no pressure to do anything, but a thoughtful, complete, and realistic analysis of all possible options helps the client make informed decisions about the best way forward. I feel as though I am in good hands dealing with my debt solutions, knowing that they are there to answer any questions that I may have. — George S. (Charlottetown, PEI) ### Once the process was complete, a huge weight was lifted off my shoulders. From my very first conversation with Doane Grant Thornton, I felt at ease. They were professional, compassionate, and incredibly respectful. They never once made me feel judged. What felt overwhelming to me seemed completely manageable to them, and that gave me confidence that I was finally heading in the right direction. Once the process was complete, a huge weight was lifted off my shoulders. — Debbie L. (Moncton, NB) ### Everyone we interacted with was knowledgeable, courteous, and responsive. We had an excellent experience working with Doane Grant Thornton. The entire process was handled professionally and efficiently from start to finish. Everyone we interacted with was knowledgeable, courteous, and responsive. They explained everything clearly and made the process much less stressful than we expected. I highly recommend them to anyone looking for professional, trustworthy, and efficient service. — Anna (New Glasgow, NS) ## **Take the first step** to debt freedom Speak to one of our debt solutions professionals during a free, no-obligation consultation. [ Book a free consultation ](https://grantthorntonlimited.ca/en/get-in-touch/contact-us) ## Your questions **answered** ### **What’s a consumer proposal?** A consumer proposal is a legal repayment agreement negotiated with your creditors to settle your unsecured debt (credit cards, income tax debt, etc.). Your trustee will work with you to offer creditors a percentage of what is owed, and/or modified repayment terms based on what you can afford. ### **What’s personal bankruptcy?** Personal bankruptcy is a solution to debt under the *Canadian Bankruptcy and Insolvency Act*. It allows you to clear almost all your debt, such as income taxes, credit cards, overdue utility bills, lines of credit, and loans. Bankruptcy may be the best course of action once you’ve reviewed all other options for dealing with your debt. In Canada, only Licensed Insolvency Trustees can administer bankruptcies. Your trustee will walk you through all aspects of filing for bankruptcy, including legally protecting you from collection attempts and garnishments, and becoming the go-between for you and your creditors. ### **What’s the difference between bankruptcy and a consumer proposal?** While both bankruptcy and consumer proposals offer a solution to alleviate your debt, they differ in terms of the assets you can keep, repayment structure, duration, filing process, and impact on your credit rating. A consumer proposal is a great option for those who can afford payments to creditors but need a modified arrangement and/or have equity in assets to protect and want a lesser impact on their credit rating. On the other hand, bankruptcy can eliminate overwhelming debt for people struggling to meet their financial obligations in as little as nine months. You can learn what each option will look like, given your specific situation, during a free, no-judgment consultation with one of our debt solutions professionals. [ Explore all topics ](https://grantthorntonlimited.ca/en/debt-help-resources/articles)