DEBT.CA IS CANADA'S TRUSTED SOURCE FOR DEBT RELIEF

At Debt.ca, we understand that people might find themselves surrounded by debt for many reasons including job loss, reduced income, medical expenses, or even the rising costs of raising a family. And when faced with a mountain of consumer debt, it is quite easy to become overwhelmed and to believe that you will never be able to pay off your creditors. The high-interest rates associated with consumer debts, late fees for those who are behind on their payments, and much more can seem to conspire against your attempts to become debt free. That is why we want to help all Canadians better understand their debt relief options and save the most money while they get out from under their unsecured loans. Are you struggling with debt or trying to figure out which Canadian debt relief program will help you get out of debt in the quickest amount of time and for the least amount of money? If so, let us show you that you can live a life free of bills and you do have more options than you probably realize. Simply put, if you are paying out more money every month than you have coming in, we can get you to a professional who can help. Fill out the form above to get started today!

Credit Counselling Services in Halifax, NS

If you need credit counselling services in Halifax, Debt.ca helps locals get out of debt. Not only do we help with credit, but we also have a range of programs that can help reduce your debt. With so many Halifax locals in need of help, we encourage you to increase your financial literacy with us. If you live in Halifax and cannot pay your bills, then credit counselling may be the answer you are looking for. A debt settlement program or credit counselling services in Halifax can help you get out from under your debt in a few years.

Would a DMP work for residents of Halifax

Residents of Halifax often confuse debt management plans with credit consolidation, because they have some similarities. For instance, both programs entail converting several debts into one monthly payment for ease of tracking. However, you still owe the original creditors when you enroll in a debt management plan (DMP). Conversely, you only owe one entity when you participate in a debt consolidation loan. If you’re considering a DMP in Halifax, you must have a steady source of income. While DMPs serve those with more than $10,000 of debt, homeowners may have to cash out equity instead. Likewise, individuals who have funds in their RRSP may have to use those funds to pay off the debt in lieu of enrolling in a debt management plan. Speak to a counsellor in Halifax to determine if a DMP is the right option for you.

Debt Consolidation Options in Halifax

As a citizen living in Halifax, it’s not uncommon to fall on hard times. If you’re experiencing difficulty keeping up with your financial obligations, debt consolidation may be your best option to get back on track. As such, consolidating your unsecured debts can make managing your payments easier. For example, multiple credit card debts and other liabilities combine into a single monthly payment. This makes it easier to prepare for and remember when just one due date is approaching every month. In addition, that single payment can be more manageable, with a lower interest rate than the existing rates on your different debts. While there are different ways to consolidate your debt, the most common way is through procuring a loan. However, your ability to qualify for a consolidation loan depends on your current credit score. Learn more about the debt consolidation process in Halifax here.

Options for a Consumer Proposal in Halifax

To file a consumer proposal, Halifax residents must go through a Licensed Insolvency Trustee in the area. Consumer proposals allow their participants to pay back less than what they owe to their creditors. Despite how good that sounds, it comes with some drawbacks and should be a last resort, much like bankruptcy. To qualify for a consumer proposal in Halifax, individuals must know to owe more than $250,000. Likewise, a married couple filing jointly cannot have more than $500,000 in debt. Paying less than what you owe at a lower interest rate comes with some heavy consequences. For one, your credit score drops to the absolute lowest it can go. In addition, the consumer proposal will remain on your credit report up to three years after you complete the five-year program. This can make acquiring credit or buying a home or auto more difficult. Speak to a member of our team who understands the laws regarding consumer proposals in Halifax today.

How Bankruptcy works in Halifax

Many people living in Halifax can find it difficult to keep up with the cost of living. If your debts have been piling up to an unmanageable amount, declaring bankruptcy might be the solution to your money troubles. However, one must never take bankruptcy lightly, as it is only a last resort. Speaking to a Licensed Insolvency Trustee can shed some light on your options and inform your next steps in finding a fitting solution. Remember, declaring bankruptcy gets most of your debts forgiven, however you forfeit most of your valuable assets in return. In addition, you will no longer experience wage garnishments. Conversely, you may not be able to obtain credit for seven years, and there is a limit on how much you can earn during bankruptcy. If you’re thinking about filing for bankruptcy in Halifax, call us to speak with a professional who can help.

We have helped many in the Halifax area

In 2020, 232 Halifax residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $18,548 but now have the help they need to get their finances, and their life, back on track. See how we can help you get your debt back under control.

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Resources Available in Halifax, Nova Scotia for people needing debt relief help

If you are struggling to make ends meet, apart from seeking professional credit help,  there are several national, state, local government agencies, along with non-profit organizations, you can turn to:


Halifax Service Canada Centre
1800 Argyle Street, Suite 101
Halifax, Nova Scotia
Available Services:
- Unemployment Assistance
- Child Benefits
- Senior Assistance

CRA - Canadian Revenue Agency
145 Hobson Lake Dr suite 100,
Halifax, NS B3S 0J1
(800) 959-8281

Halifax Veterans Affairs
7105 Chebucto Road, Suite 2000
Halifax, NS
B3L 4W8
(866) 522-2122

The Salvation Army Food Bank
2013 Gottingen St,
Halifax, NS B3K 3B1

Canadian Mental Health Association
45 Alderney Dr #200
Dartmouth, NS B2Y 2N6
(902) 466-6600

Debt Consolidation Loans
Loans Canada
Debt Relief Loans

Consumer Proposal
Consumer Proposal Loans

Credit Reports
Credit Verify

Additional Credit Counselling resources available in:

 

Helping residents of Halifax and the surrounding locations: Bedford, Lower Sackville, Beechville, Timberlea, Clayton Park, Goffs

Insolvency Stats for Halifax

Q4 2020 Q3 2020 Q4 2019
Bankruptcies 117 122 258
Consumer Proposals 187 169 290
Halifax in Total 304 291 548

 

Annual Consumer Insolvency Rates in Nova Scotia

(Per 1,000 Population Aged 18 Years and Older)

Nova Scotia
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Insolvency 6.9 6.1 5.7 6.2 7.0 6.9 7.8 7.5 7.3 7.8
Bankruptcy 5.6 4.8 4.3 4.4 5.0 4.8 5.5 5.0 4.5 4.1
Proposal 1.3 1.3 1.4 1.8 2.0 2.1 2.3 2.5 2.7 3.7
Halifax
Insolvency 5.9 5.3 5.1 5.5 6.2 6.2 6.5 6.1 5.8 5.9
Bankruptcy 4.9 4.2 3.9 4.0 4.5 4.5 4.7 4.1 3.4 3.1
Proposal 1.0 1.1 1.2 1.5 1.7 1.8 1.8 2.0 2.4 2.8

Data from 2020 in Halifax, Nova Scotia

2020 Data
Population 403,131
Average Credit Score 638
Median Income $89,510
Average Home Price $306,944
Median Mortgage -
Insolvency
Total Insolvencies: 1,389 *(-53%)
Av Assets / Insolvency $69,822 (-$8,629)
Av Liabilities / Insolvency $101,684 (-$6,192)
Debt Ratio: 146% (+8%)
Bankruptcy
Bankruptcies 602 *(-9.1%)
Av Assets $50,070 (- $928)
Av Liabilities $102,912 ( + $5,651)
Debt Ratio: 206% (+ 17%)
Consumer Proposals
Consumer Proposals 787 (-29%)
Av Assets $84,931 (- $23,372)
Av Liabilities $100,746 (- $18,675)
Debt Ratio: 119% (+ 9%)

Source: https://www.ic.gc.ca/
* () change from 2019

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About Halifax

What is Unique about Halifax

Located in eastern Canada, Halifax is the capital of Nova Scotia. With a population of 403,390 in 2016, Halifax is the most populous city in the Maritimes. The larger Halifax Regional Municipality is made up of four municipalities that were made into one in 1996: Bedford, Dartmouth, Halifax and Halifax County.
Halifax is in a strategic area on Canada’s east coast and is one of the largest harbours worldwide. This has earned Halifax the nickname the “Warden of the North.” Today, it serves as the commercial capital of Atlantic Canada.

Halifax's History

Halifax was first settled by the Mi'kmaq. The first European settlers in Halifax were the French. The French arrived in the early 17th century when the colony of Acadia was established.
Halifax was established as a town in 1749. It was founded by the United Kingdom with orders from the Board of Trade. This led to a war between the British Protestants and First Nations people, known as the Father Le Loutre's War. Halifax was later incorporated as a city in 1842.
Halifax suffered a great tragedy on the morning of December 6, 1917. A Norwegian vessel collided with a French cargo ship, causing a massive explosion. Two thousand people lost their lives and 9,000 were injured. This came to be known as the Halifax Explosion

What’s Halifax Famous for?

If you enjoy the outdoors, take a leisurely walk along Halifax’s Harbourwalk. This path gives you breathtaking views of Halifax’s historic waterfront. You’ll see buildings dating back as far as the 18th century. There are also some good dining places to enjoy there.
Anyone who enjoys museums must visit the Canadian Museum of Immigration. Located at Pier 21, the museum is located at a place where many immigrants would first enter Canada. The museum tells the immigrant’s stories and how they helped turn Canada into the great country it is today.
Do you enjoy drinking? Then book a tour of the Alexander Keith’s brewery. Learn about the company’s history as you sample some tasty beer.

What are the Large Economic Drivers?

Halifax is the commercial capital of eastern Canada. It has a great number of government services and private sector companies there. Halifax is also a banking, business and government services hub for Atlantic Canada.
The largest economic drivers in Halifax are the trades, health care, social assistance, professional services and public administration. Other industries that help the economy include agriculture, forestry, fishing and mining.

Recent Changes that May have Changed the Economic Outlook

The Halifax economy has been growing steadily in recent years. In 2015, it had an economic growth of about three percent, with economic growth expected to continue in future years.
Some of the biggest employers in Halifax include the Department of National Defense, Dalhousie University, Saint Mary's University and the Halifax Shipyard.
Despite its size, Halifax doesn’t have a professional sports team. For years there has been a talk of a Canadian Football League (CFL) team in Halifax. It looks like it might happen this time. There are plans for a CFL team to play in Moncton in 2021 with the team eventually moving to Halifax once a stadium is built.

Sources:

  • https://www12.statcan.gc.ca/
  • https://www.thecanadianencyclopedia.ca/
  • https://www.novascotia.com
  • https://discoverhalifaxns.com
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