905-279-7000 jim@jameswalker.ca

James B.

Walker & CO.

Licensed Insolvency Trustee

Call us at

(905) 279-7000

Most people don’t like to talk to anyone about their finances. Some people don’t even discuss their finances with their spouse / partner. In times of difficulty, confidentiality can lead to heightened financial stress. Not good. You need to talk to someone about your debt problems. So, who should it be?

✔   Talk to your parents

If you are single, you may start by discussing things with your parents. Parents didn’t get to be parents without some financial stress. They may have some solutions for you, and depending on the extent of your trouble, they may be able to help you themselves.

✔   Talk to your partner

If you are married, are living common law, or have a significant other, you should probably discuss your financial circumstances with debt with each other. Your plan for a resolution to your debt problems should be something you both work toward together. 

✘   Talk to your friends?

Talking to friends about your debt problems may not be the place to start. Friends can offer sympathy, but friends can’t solve your financial problems. Sometimes it is better to keep your financial information to yourself so other topics of interest will be the basis of your conversation and your relationship.

✔   Talk to your doctor

If you find yourself under a tremendous amount of financial stress you should consider talking to your family physician. Depending on your physical and mental condition your doctor may prescribe medication to calm your nerves. However, this will not solve your debt problems. You must look further for assistance.

✔   Talk to a lawyer

Depending on the nature of your debt problems you may want to consider having legal counsel. If you are confronted with circumstances such as termination of employment, separation, or a lawsuit from a creditor, a lawyer will be able to provide insight into the best method of dealing with these issues.

✔   Talk to your religious leader

Some people may take counsel from their religious leaders in their community. Often these people will have come across similar circumstances in the past with members of their congregation. They will not be able to solve your debt problem directly, but may provide some comfort and understanding. In addition, they may provide a referral source for further consultation.

✘   Talk to your creditors?

Speaking to creditors directly may seem like an appropriate approach. However, once you have opened the door to your debt difficulties, creditors may use this information to try to strengthen their position. Until you have determined a plan for your future to overcome your debt difficulty it may be best to wait to talk to your creditors.

✔   Talk to a Licensed Consumer Proposal Administrator /

Licensed Insolvency Trustee

One of the best people you can talk with when facing debt problems is a Licensed Consumer Proposal Administrators / Licensed Insolvency Trustee. Licensed Administrators / Trustees are trained to deal with all types of financial problems. Licensed Administrators / Trustees will have met with people with similar problems to yours.

A Licensed Administrator / Trustee will get to the bottom of your debt problems and define solutions to get you back on track. Speaking to a Licensed Administrator / Trustee does not mean you must file a Consumer Proposal or Bankruptcy. Once you understand exactly where you are financially there may be other Alternatives available to deal with your debt.

You should note there is no charge for your initial consultation with a Licensed Consumer Proposal Administrator / Licensed Insolvency Trustee.