FAQ

How do I know it is time to talk to someone like you?

Here are some of the warning signs:
• you only pay the minimum amount on your credit card bills
• frequent calls or letters from creditors or collection agencies
• family or relationship problems
• trouble concentrating – increased stress
• Having no savings
• Using credit cards to pay for day-to-day expenses
• having your money spent before payday
• you have no budget or financial plan
• you have several credit card balances

Is bankruptcy my only option?

Bankruptcy is not your only option. Depending on your specific financial situation, there may be several different options. These include: refinancing your mortgage, obtaining a consolidation loan, filing a Proposal to your creditors and, lastly filing Bankruptcy.

What is a Proposal?

Consumer proposals are an agreement (contract) between a person and their creditors in an effort to settle the debt. The filing of a Proposal stops all legal actions undertaken or contemplated by your creditors. It can also create ‘breathing room’ so that creditors can be approached and the financial situation can be explained.

What is bankruptcy?

Bankruptcy is a legal proceeding that is available to a person in order to cope with a financial crisis. One of the main purposes of bankruptcy legislation is to afford the opportunity to a person, who is burdened with debt, to free himself or herself of the debt and start fresh.

What is a trustee?

A trustee in bankruptcy is a person licensed to administer proposals and bankruptcies and manage assets held in trust. The trustee can give a debtor information and advice about both the proposal and bankruptcy processes, as well as several other options. Trustees also make sure that you understand the rights and obligations that debtors and creditors have, respectively.

How much will it cost?

Our initial consultation is free, at which time we will review your financial situation, advise you of your best option and what that will cost.

Normally, monthly payments are arranged and, even in a bankruptcy these can vary. For example, if your income exceeds the bankruptcy guidelines, or there are non-exempt assets capable of realization, these can affect the monthly payment amount. 

What if I can’t come in until after work?

No problem. We have after hours and weekend appointments.