You’re probably here because you’ve finally realized you have to do SOMETHING about your debt.  Maybe you’re losing sleep at night worrying about all the bills.  Perhaps you’re getting calls from creditors because you’re late on payments.  Or perhaps you and your spouse are fighting about money issues because there doesn’t seem to be enough to go around every month.

You might have thought that bankruptcy was your only way out of this financial bind. However debt troubles show up, you’re not alone—hundreds of thousands of honest Canadians are in the same boat as you!

There are other choices.  A consumer proposal is one of them. The question remains: Is a consumer proposal worth it? Is a consumer proposal a good idea? Let’s explore…

What is a Consumer Proposal?

What is a consumer proposal, and what happens in a consumer proposal, exactly? Very simply, it’s just a deal you make with your creditors, the people to whom you owe money.  Typically you pay back much less than 100% of the money you owe, so it’s a great deal for you.  It’s also a good deal for the creditors—they will agree to the proposal because you are offering something more than they would receive if you were to go bankrupt.

“A consumer proposal is just a deal you make with your creditors – typically you pay back much less than 100% of the money you owe.”

Another significant benefit of a proposal is that you pay no interest.  Once the creditors have agreed to the proposal, you pay a fixed monthly amount with 0% interest.  Usually, you have five years to make the payments, but you have the right to pay the proposal off early if you want to.

What Debts Can be Included in a Consumer Proposal?

The answer to this question depends on understanding the difference between secured and unsecured debts.  A secured debt is always secured against an asset of some kind, such as a house or a vehicle.  If you don’t make the regular payments on a secured debt, the secured creditor you owe money to has the right to take the asset away from you.  The most common examples of secured debts are mortgages and car loans.

Unsecured debts are everything else, and you CAN include almost all of these debts in your consumer proposal.  This list includes:

• Credit cards

• Bank loans

• Tax debt

• Payday loans

• Utility bills

• Unsecured lines of credit

• Personal loans

• Student loans if it has been more than seven years since you completed your studies

Here are the types of unsecured debts that you CANNOT include in a consumer proposal:  student loans if it has been less than seven years since you completed your studies, court-ordered fines, and spousal or child support payments.

How Does a Consumer Proposal Work?

So what’s involved in the consumer proposal process?  The first step is to meet with a Licensed Insolvency Trustee (LIT) such as Powell Associates Ltd.  Trustees are licensed and regulated by the Federal Government and are Officers of the Court. Learn more about Trustees here.

“LITs are the only people with the legal power in Canada to provide you with protection from the people you owe money to.”

A Licensed Insolvency Trustee (LIT) is the ONLY professional with the legal power to provide you with protection from the creditors.  No other agencies, such as credit counsellors or the various debt consulting firms that operate in Canada, have these legal powers or the ability to file a consumer proposal.

When you call our bankruptcy trustee at Powell Associates Ltd. the first step is to gather some information from you.  We can do this in person, by video or over the phone.  Either way, we will ask about how much you owe and to whom.  We’ll look at your income and the substantial items that you may own, such as vehicles and a house if you’re a homeowner.

Finally, we will find out how many are in your family.  All of this information gives us a clear picture of your financial situation.  Next, we’ll schedule a meeting with you.

We’ll let you know what all of your choices are to deal with your debt at the initial meeting.  Based on your information, we can estimate what your payments in a proposal might be.  Together, we can look at your budget, and you can decide whether filing a proposal is the best option or whether filing for bankruptcy makes more sense.

“Based on your information, we can estimate what your payments in a proposal might be. We want to set you up for success!”

If there are any other ways of addressing your debt besides a proposal or bankruptcy, we’ll let you know those as well.  We want to set you up for success!  If you are filing a consumer proposal, we want to make sure the payments will be affordable for you while still acceptable to the creditors.

Once you decide to work with us, the next step is to provide us with documentation to prove your income, debts, and assets’ value.  Once this documentation is complete, we meet with you again, and we can file your proposal with the creditors.

“Once your proposal is filed, the creditors must stop their collections activity – the nasty calls and and they can’t file a lawsuit or garnish your wages!”

Filing the proposal gives you formal, legal protection from the people to whom you owe money.  You stop making payments directly to them.  The creditors must stop any further collections activity—those nasty calls will finally come to an end!  They also can’t file lawsuits against you or garnish your wages.

The proposal filing starts a formal, legal clock ticking.  From the time it is filed with your creditors, they have 45 days to consider your proposal and decide whether to agree with it or not.  Most of the time, the creditors agree with your initial proposal offer: after all, your creditors are receiving more money than if you filed personal bankruptcy.  Generally, creditors prefer consumer proposals to personal bankruptcy and are motivated to agree with them.

One aspect of how consumer proposals work is a real benefit to you; you don’t need to get all the creditors to agree with it.  The consumer proposal includes all of your debts – you make one payment every month to deal with your debt instead of keeping track of multiple payments.

Another advantage of a consumer proposal is that you can include tax debt owed to Canada Revenue Agency!  Once those creditors that control 50% of the debt agree with your consumer proposal, it becomes legally binding on all creditors.

Sometimes, a majority of your creditors don’t agree with your initial proposal.  That simply starts a negotiation process with them.  They think you can afford more than what you offered in the consumer proposal.

“Sometimes a majority of your creditors don’t agree with your initial proposal. That simply starts a negotiation process with them that we will help you with.”

At Powell Associates Ltd., we will look at their counter-offer to you and recommend the best response to them.  Often, a modest increase in the amount of the payment you offer will get enough of the creditors on board to finalize the deal, regardless of whether they all agreed with it.

Once enough of the creditors agree to the proposal, the proposal becomes legally binding on you and the creditors.  From then forward, you only have two obligations:  make the regular monthly payments, and attend two mandatory counselling sessions.  We will schedule those sessions with you; they cover some vital topics, including budgeting, spending habits, setting financial goals and the responsible use of credit.

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The Pros and Cons of a Consumer Proposal

Many consumers choose a consumer proposal over a bankruptcy. We wrote an article on the 9 most common reasons to file a consumer proposal instead of personal bankruptcy.

The pros are:

• It allows you to avoid more severe action.  It can be tough to decide to tackle your debt head-on, but there’s one thing we’ve learned over the years:  waiting to deal with your debt rarely improves the situation!

• You typically pay much less than the total amount of the debt back, and the payments are in a manageable 5-year plan.

• You get immediate protection from your creditors once the consumer proposal is filed.  Creditors can’t garnish your wages or take any other legal action against you. They can also help with frozen bank accounts.

• The proposal includes all of your debts in one affordable monthly payment with 0% interest.

• Your monthly payments in a consumer proposal may be lower than your monthly payments would be in personal bankruptcy because the payments are usually over five years.

• The proposal includes everyone you owe money to, and the terms of the consumer proposal bind all the creditors. Once completed you will receive a release from most creditors.

• You feel better about dealing with your debt, as you have at least paid back what you can afford to.

• You keep your assets, unlike in personal bankruptcy, where you may have to give up some of your assets, such as your house.

• Some people work for institutions where filing bankruptcy has to be disclosed and could risk employment—filing a consumer proposal avoids that difficult situation.

• Finally, your credit rating, which will take a hit when filing either a consumer proposal or personal bankruptcy, can be repaired sooner when you have filed a consumer proposal versus filing personal bankruptcy. Learn how a consumer proposal or bankruptcy impacts your credit rating.

Of course, the advantages of consumer proposals must be weighed against the cons. We are often asked ‘How bad is a consumer proposal’ so let’s explore the cons.

The cons are:

• There are very few!

• The primary consideration is whether you can afford to make the monthly payments in a consumer proposal.  In discussions with us at Powell Associates Ltd., we’ll look at your budget and assess whether your consumer proposal payment is affordable.  If it turns out you can’t afford the consumer proposal payment, then filing personal bankruptcy may turn out to be the best choice for you, and we will assist you with that.

• In some situations, an individual can complete a bankruptcy within nine months.  Some individuals, especially those with lower incomes, may feel better addressing and completing their debt obligations more quickly than the typical five-year period for a consumer proposal.

See more consumer proposals vs other debt consolidation options.

Take the Next Step!

Powell Associates Ltd. has helped thousands in New Brunswick, Nova Scotia, and Prince Edward Island overcome their debt.  We understand that unexpected financial setbacks can happen.  We offer debt solutions to reduce your stress and worry.  Schedule a FREE CONSULTATION with one of our LITs at any time to discuss the best option to fit your unique financial situation.

• Our experienced team is dedicated to finding a debt solution you can afford and will review all debt relief solutions.

• There are no additional fees or interest charges.  The cost of filing the consumer proposal is included in the monthly payments to your proposal.

• We will meet with you as often as you need.  Filing a proposal or bankruptcy is a significant life decision—we’re here to give you the tools and advice to make the best decision possible.  The key is that the decision to proceed and how to proceed is yours; we will not push you into something you’re not comfortable with!

• You will always receive prompt responses and resolutions from our trustees and staff.

• We will always be fully open and transparent with you—your debt has already caused enough stress so you don’t need any unpleasant surprises.

“You must gain control over your money or the lack of it will forever control you.”

-Dave Ramsey

 

 

Matt Munro has been a Licensed Insolvency Trustee (LIT) since 2003 and a Chartered Professional Accountant (CPA) since 2008. This article was written by him when he was employed at Powell Associates Ltd.

 

On September 28, 2020, the Office of the Superintendent of Bankruptcy released its most current statistics on personal bankruptcy and consumer proposal filings for Canadian debtors.

Canada – there were 40,600 personal bankruptcies and 71,866 consumer proposals filed in the 12-months ended August 31, 2020.  Personal bankruptcies were down 25.0% and consumer proposal filings were down 7.6% as compared to the 12-months ended August 31, 2019.  There were 2,273 personal bankruptcies and 4,191 consumer proposals filed in Canada in the month of August 2020.

New Brunswick – there were 1,730 personal bankruptcies and 2,129 consumer proposals filed in the 12-months ended August 31, 2020.  Personal bankruptcies were down 26.7% and consumer proposal filings were down 11.7% as compared to the 12-months ended August 31, 2019.  There were 104 personal bankruptcies and 141 consumer proposals filed in New Brunswick in the month of August 2020.

Nova Scotia – there were 2,101 personal bankruptcies and 2,355 consumer proposals filed in the 12-months ended August 31, 2020.  Personal bankruptcies were down 37.2% and consumer proposal filings were down 5.0% as compared to the 12-months ended August 31, 2019.  There were 104 personal bankruptcies and 141 consumer proposals filed in Nova Scotia in the month of August 2020.

Prince Edward Island – there were 270 personal bankruptcies and 270 consumer proposals filed in the 12-months ended August 31, 2020.  Personal bankruptcies were down 30.8% and consumer proposal filings were down 21.7% as compared to the 12-months ended August 31, 2019.  There were 12 personal bankruptcies and 20 consumer proposals filed in Canada in the month of August 2020.

 

 

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Powell Associates Ltd. is a Licensed Insolvency Trustee. We are experienced, hands-on insolvency practitioners who understand the personal impacts of major financial stress;

• You won’t be stuck in an assembly line process.

• You will expect and receive prompt responses and resolution of issues from our supportive and experienced team.

• We will review your debt solution options, including filing a consumer proposal or personal bankruptcy.

• We help Canadians with overwhelming debt get fresh financial starts.

Once you file a consumer proposal or personal bankruptcy, we deal directly with your creditors on your behalf. Your unsecured creditors are required to stop contacting you or continuing legal proceedings against you. Contact our bankruptcy trustee in Halifax for a free consultation.

We offer free consultations to review your financial situation and practical debt resolution options. Contact us to discuss your situation over the phone, a video chat, or in-person in Saint John, Moncton, Fredericton, Charlottetown, Dartmouth, or Miramichi.

On September 28, 2020, the Office of the Superintendent of Bankruptcy released its most current statistics on personal bankruptcy and consumer proposal filings for Canadian debtors.

Canada – there were 40,600 personal bankruptcies and 71,866 consumer proposals filed in the 12-months ended August 31, 2020.  Personal bankruptcies were down 25.0% and consumer proposal filings were down 7.6% as compared to the 12-months ended August 31, 2019.  There were 2,273 personal bankruptcies and 4,191 consumer proposals filed in Canada in the month of August 2020.

New Brunswick – there were 1,730 personal bankruptcies and 2,129 consumer proposals filed in the 12-months ended August 31, 2020.  Personal bankruptcies were down 26.7% and consumer proposal filings were down 11.7% as compared to the 12-months ended August 31, 2019.  There were 104 personal bankruptcies and 141 consumer proposals filed in New Brunswick in the month of August 2020.

Nova Scotia – there were 2,101 personal bankruptcies and 2,355 consumer proposals filed in the 12-months ended August 31, 2020.  Personal bankruptcies were down 37.2% and consumer proposal filings were down 5.0% as compared to the 12-months ended August 31, 2019.  There were 104 personal bankruptcies and 141 consumer proposals filed in Nova Scotia in the month of August 2020.

Prince Edward Island – there were 270 personal bankruptcies and 270 consumer proposals filed in the 12-months ended August 31, 2020.  Personal bankruptcies were down 30.8% and consumer proposal filings were down 21.7% as compared to the 12-months ended August 31, 2019.  There were 12 personal bankruptcies and 20 consumer proposals filed in Canada in the month of August 2020.

Powell Associates Ltd. is a Licensed Insolvency Trustee. We are experienced, hands-on insolvency practitioners who understand the personal impacts of major financial stress;

• You won’t be stuck in an assembly line process.

• You will expect and receive prompt responses and resolution of issues from our supportive and experienced team.

• We will review your debt solution options, including filing a consumer proposal or personal bankruptcy.

• We help Canadians with overwhelming debt get fresh financial starts.

Once you file a consumer proposal or personal bankruptcy, we deal directly with your creditors on your behalf. Your unsecured creditors are required to stop contacting you or continuing legal proceedings against you. Contact us for a free consultation.

We offer free consultations to review your financial situation and practical debt resolution options. Contact us to discuss your situation over the phone, a video chat, or in-person in Saint John, Moncton, Fredericton, Charlottetown, Dartmouth, or Miramichi.

On September 2, 2020, the Office of the Superintendent of Bankruptcy released its most current statistics on personal bankruptcy and consumer proposal filings for Canadian debtors.

Canada – there were 42,879 personal bankruptcies and 74,467 consumer proposals filed in the 12-months ended July 31 2020.  Personal bankruptcies were down 21.1% and consumer proposal filings were down 3.1% as compared to the 12-months ended July 31, 2019.  There were 2,285 personal bankruptcies and 4,300 consumer proposals filed in Canada in the month of July 2020.

New Brunswick – there were 1,821 personal bankruptcies and 2,188 consumer proposals filed in the 12-months ended July 31 2020.  Personal bankruptcies were down 22.5% and consumer proposal filings were down 10.0% as compared to the 12-months ended July 31, 2019.  There were 109 personal bankruptcies and 110 consumer proposals filed in New Brunswick in the month of July 2020.

Nova Scotia – there were 2,292 personal bankruptcies and 2,446 consumer proposals filed in the 12-months ended July 31 2020.  Personal bankruptcies were down 31.5% and consumer proposal filings were up 0.5% as compared to the 12-months ended July 31, 2019.  There were 120 personal bankruptcies and 108 consumer proposals filed in Nova Scotia in the month of July 2020.

Prince Edward Island – there were 289 personal bankruptcies and 285 consumer proposals filed in the 12-months ended July 31 2020.  Personal bankruptcies were down 25.9% and consumer proposal filings were down 16.2% as compared to the 12-months ended July 31, 2019.  There were 14 personal bankruptcies and 20 consumer proposals filed in Canada in the month of July 2020.

Powell Associates Ltd. is a Licensed Insolvency Trustee. We are experienced, hands-on insolvency practitioners who understand the personal impacts of major financial stress;

• You won’t be stuck in an assembly line process.

• You will expect and receive prompt responses and resolution of issues from our supportive and experienced team.

• We will review your debt solution options, including filing a consumer proposal or personal bankruptcy.

• We help Canadians with overwhelming debt get fresh financial starts.

Once you file a consumer proposal or personal bankruptcy, we deal directly with your creditors on your behalf. Your unsecured creditors are required to stop contacting you or continuing legal proceedings against you. Contact us for a free consultation.

We offer free consultations to review your financial situation and practical debt resolution options. Contact us to discuss your situation over the phone, a video chat, or in-person in Saint John, Moncton, Fredericton, Charlottetown, Dartmouth, or Miramichi.

On August 5, 2020, the Office of the Superintendent of Bankruptcy released its most current statistics on personal bankruptcy and consumer proposal filings for Canadian debtors.

Canada – there were 45,146 personal bankruptcies and 77,104 consumer proposals filed in the 12-months ended June 30, 2020.  Personal bankruptcies were down 16.8% and consumer proposal filings were up 2.4% as compared to the 12-months ended June 30, 2019.  There were 2,185 personal bankruptcies and 4,164 consumer proposals filed in Canada in the month of June 2020.

New Brunswick – there were 1,913 personal bankruptcies and 2,294 consumer proposals filed in the 12-months ended June 30, 2020.  Personal bankruptcies were down 19.0% and consumer proposal filings were down 4.3% as compared to the 12-months ended June 30, 2019.  There were 88 personal bankruptcies and 117 consumer proposals filed in New Brunswick in the month of June 2020.

Nova Scotia – there were 2,421 personal bankruptcies and 2,577 consumer proposals filed in the 12-months ended June 30, 2020.  Personal bankruptcies were down 28.5% and consumer proposal filings were up 9.7% as compared to the 12-months ended June 30, 2019.  There were 101 personal bankruptcies and 104 consumer proposals filed in Nova Scotia in the month of June 2020.

Prince Edward Island – there were 314 personal bankruptcies and 290 consumer proposals filed in the 12-months ended June 30, 2020.  Personal bankruptcies were down 18.9% and consumer proposal filings were down 14.2% as compared to the 12-months ended June 30, 2019.  There were 12 personal bankruptcies and 12 consumer proposals filed in Canada in the month of June 2020.

Powell Associates Ltd. is a Licensed Insolvency Trustee. We are experienced, hands-on insolvency practitioners who understand the personal impacts of major financial stress;

• You won’t be stuck in an assembly line process.

• You will expect and receive prompt responses and resolution of issues from our supportive and experienced team.

• We will review your debt solution options, including filing a consumer proposal or personal bankruptcy.

• We help Canadians with overwhelming debt get fresh financial starts.

Once you file a consumer proposal or personal bankruptcy, we deal directly with your creditors on your behalf. Your unsecured creditors are required to stop contacting you or continuing legal proceedings against you. Contact us for a free consultation.

We offer free consultations to review your financial situation and practical debt resolution options. Contact us to discuss your situation over the phone, a video chat, or in-person in Saint John, Moncton, Fredericton, Charlottetown, Dartmouth, or Miramichi.

On July 2, 2020, the Office of the Superintendent of Bankruptcy released its most current statistics on personal bankruptcy and consumer proposal filings for Canadian debtors.

Canada – there were 47,283 personal bankruptcies and 79,534 consumer proposals filed in the 12-months ended May 31, 2020.  Personal bankruptcies were down 13.4% and consumer proposal filings were up 6.8% as compared to the 12-months ended May 31, 2019.  There were 2,047 personal bankruptcies and 4,064 consumer proposals filed in Canada in the month of May 2020.

New Brunswick – there were 2,023 personal bankruptcies and 2,435 consumer proposals filed in the 12-months ended May 31, 2020.  Personal bankruptcies were down 13.8% and consumer proposal filings were up 4.6% as compared to the 12-months ended May 31, 2019.  There were 87 personal bankruptcies and 79 consumer proposals filed in New Brunswick in the month of May 2020.

Nova Scotia – there were 2,624 personal bankruptcies and 2,724 consumer proposals filed in the 12-months ended May 31, 2020.  Personal bankruptcies were down 23.0% and consumer proposal filings were up 19.0% as compared to the 12-months ended May 31, 2019.  There were 96 personal bankruptcies and 105 consumer proposals filed in Nova Scotia in the month of May 2020.

Prince Edward Island – there were 330 personal bankruptcies and 312 consumer proposals filed in the 12-months ended May 31, 2020.  Personal bankruptcies were down 15.8% and consumer proposal filings were down 4.6% as compared to the 12-months ended May 31, 2019.  There were 12 personal bankruptcies and 18 consumer proposals filed in Canada in the month of May 2020.

Powell Associates Ltd. is a Licensed Insolvency Trustee. We are experienced, hands-on insolvency practitioners who understand the personal impacts of major financial stress;

• You won’t be stuck in an assembly line process.

• You will expect and receive prompt responses and resolution of issues from our supportive and experienced team.

• We will review your debt solution options, including filing a consumer proposal or personal bankruptcy.

• We help Canadians with overwhelming debt get fresh financial starts.

Once you file a consumer proposal or personal bankruptcy, we deal directly with your creditors on your behalf. Your unsecured creditors are required to stop contacting you or continuing legal proceedings against you. Contact us for a free consultation.

We offer free consultations to review your financial situation and practical debt resolution options. Contact us to discuss your situation over the phone, a video chat, or in-person in Saint John, Moncton, Fredericton, Charlottetown, Dartmouth, or Miramichi.

On June 3, 2020, the Office of the Superintendent of Bankruptcy released its most current statistics on personal bankruptcy and consumer proposal filings for Canadian debtors.

Canada – there were 50,399 personal bankruptcies and 82,682 consumer proposals filed in the 12-months ended April 30, 2020.  Personal bankruptcies were down 7.9% and consumer proposal filings were up 12.7% as compared to the 12-months ended April 30, 2019.  There were 2,181 personal bankruptcies and 4,519 consumer proposals filed in Canada in the month of April 2020.

New Brunswick – there were 2,164 personal bankruptcies and 2,553 consumer proposals filed in the 12-months ended April 30, 2020.  Personal bankruptcies were down 7.2% and consumer proposal filings were up 9.1% as compared to the 12-months ended April 30, 2019.  There were 102 personal bankruptcies and 130 consumer proposals filed in New Brunswick in the month of April 2020.

Nova Scotia – there were 2,822 personal bankruptcies and 2,873 consumer proposals filed in the 12-months ended April 30, 2020.  Personal bankruptcies were down 18.6% and consumer proposal filings were up 29.2% as compared to the 12-months ended April 30, 2019.  There were 112 personal bankruptcies and 162 consumer proposals filed in Nova Scotia in the month of April 2020.

Prince Edward Island – there were 353 personal bankruptcies and 333 consumer proposals filed in the 12-months ended April 30, 2020.  Personal bankruptcies were down 12.0% and consumer proposal filings were up 6.4% as compared to the 12-months ended April 30, 2019.  There were 16 personal bankruptcies and 20 consumer proposals filed in Canada in the month of April 2020.

Powell Associates Ltd. is a Licensed Insolvency Trustee. We are experienced, hands-on insolvency practitioners who understand the personal impacts of major financial stress;

• You won’t be stuck in an assembly line process.

• You will expect and receive prompt responses and resolution of issues from our supportive and experienced team.

• We will review your debt solution options, including filing a consumer proposal or personal bankruptcy.

• We help Canadians with overwhelming debt get fresh financial starts.

Once you file a consumer proposal or personal bankruptcy, we deal directly with your creditors on your behalf. Your unsecured creditors are required to stop contacting you or continuing legal proceedings against you. Contact us for a free consultation.

We offer free consultations to review your financial situation and practical debt resolution options. Contact us to discuss your situation over the phone, a video chat, or in-person in Saint John, Moncton, Fredericton, Charlottetown, Dartmouth, or Miramichi.

On May 11, 2020, the Office of the Superintendent of Bankruptcy released its most current statistics on personal bankruptcy and consumer proposal filings for Canadian debtors.

Canada – there were 53,081 personal bankruptcies and 85,085 consumer proposals filed in the 12-months ended February 29, 2020.  Personal bankruptcies were down 3.0% and consumer proposal filings were up 17.5% as compared to the 12-months ended February 28, 2019.  There were 3,741 personal bankruptcies and 7,206 consumer proposals filed in Canada in the month of February 2020.

New Brunswick – there were 2,276 personal bankruptcies and 2,636 consumer proposals filed in the 12-months ended February 29, 2020.  Personal bankruptcies were down 2.3% and consumer proposal filings were up 14.9% as compared to the 12-months ended February 28, 2019.  There were 173 personal bankruptcies and 236 consumer proposals filed in New Brunswick in the month of February 2020.

Nova Scotia – there were 3,000 personal bankruptcies and 2,922 consumer proposals filed in the 12-months ended February 29, 2020.  Personal bankruptcies were down 13.6% and consumer proposal filings were up 32.4% as compared to the 12-months ended February 28, 2019.  There were 174 personal bankruptcies and 224 consumer proposals filed in Nova Scotia in the month of February 2020.

Prince Edward Island – there were 374 personal bankruptcies and 342 consumer proposals filed in the 12-months ended February 29, 2020.  Personal bankruptcies were down 7.9% and consumer proposal filings were up 12.1% as compared to the 12-months ended February 28, 2019.  There were 23 personal bankruptcies and 19 consumer proposals filed in Canada in the month of February 2020.

Powell Associates Ltd. is a Licensed Insolvency Trustee. We are experienced, hands-on insolvency practitioners who understand the personal impacts of major financial stress;

• You won’t be stuck in an assembly line process.

• You will expect and receive prompt responses and resolution of issues from our supportive and experienced team.

• We will review your debt solution options, including filing a consumer proposal or personal bankruptcy.

• We help Canadians with overwhelming debt get fresh financial starts.

Once you file a consumer proposal or personal bankruptcy, we deal directly with your creditors on your behalf. Your unsecured creditors are required to stop contacting you or continuing legal proceedings against you. Contact us for a free consultation.

We offer free consultations to review your financial situation and practical debt resolution options. Contact us to discuss your situation over the phone, a video chat, or in-person in Saint John, Moncton, Fredericton, Charlottetown, Dartmouth, or Miramichi.

On April 6, 2020, the Office of the Superintendent of Bankruptcy released its most current statistics on personal bankruptcy and consumer proposal filings for Canadian debtors.

Canada – there were 53,985 personal bankruptcies and 85,197 consumer proposals filed in the 12-months ended February 29, 2020.  Personal bankruptcies were down 1.7% and consumer proposal filings were up 19.0% as compared to the 12-months ended February 28, 2019.  There were 3,867 personal bankruptcies and 7,384 consumer proposals filed in Canada in the month of February 2020.

New Brunswick – there were 2,320 personal bankruptcies and 2,591 consumer proposals filed in the 12-months ended February 29, 2020.  Personal bankruptcies were up 0.3% and consumer proposal filings were up 12.8% as compared to the 12-months ended February 28, 2019.  There were 135 personal bankruptcies and 219 consumer proposals filed in New Brunswick in the month of February 2020.

Nova Scotia – there were 3,125 personal bankruptcies and 2,929 consumer proposals filed in the 12-months ended February 29, 2020.  Personal bankruptcies were down 9.6% and consumer proposal filings were up 35.9% as compared to the 12-months ended February 28, 2019.  There were 207 personal bankruptcies and 241 consumer proposals filed in Nova Scotia in the month of February 2020.

Prince Edward Island – there were 381 personal bankruptcies and 353 consumer proposals filed in the 12-months ended February 29, 2020.  Personal bankruptcies were down 8.4% and consumer proposal filings were up 11.7% as compared to the 12-months ended February 28, 2019.  There were 27 personal bankruptcies and 16 consumer proposals filed in Canada in the month of February 2020.

Powell Associates Ltd. is a Licensed Insolvency Trustee. We are experienced, hands-on insolvency practitioners who understand the personal impacts of major financial stress;

• You won’t be stuck in an assembly line process.

• You will expect and receive prompt responses and resolution of issues from our supportive and experienced team.

• We will review your debt solution options, including filing a consumer proposal or personal bankruptcy.

• We help Canadians with overwhelming debt get fresh financial starts.

Once you file a consumer proposal or personal bankruptcy, we deal directly with your creditors on your behalf. Your unsecured creditors are required to stop contacting you or continuing legal proceedings against you. Contact us for a free consultation.

We offer free consultations to review your financial situation and practical debt resolution options. Contact us to discuss your situation over the phone, a video chat, or in-person in Saint John, Moncton, Fredericton, Charlottetown, Dartmouth, or Miramichi.

On March 2, 2020, the Office of the Superintendent of Bankruptcy released its most current statistics on personal bankruptcy and consumer proposal filings for Canadian debtors.

Canada – there were 54,217 personal bankruptcies and 84,017 consumer proposals filed in the 12-months ended January 31, 2020.  Personal bankruptcies were down 1.7% and consumer proposal filings were up 18.7% as compared to the 12-months ended January 31, 2019.  There were 3,840 personal bankruptcies and 7,189 consumer proposals filed in Canada in the month of January 2020.

New Brunswick – there were 2,336 personal bankruptcies and 2,556 consumer proposals filed in the 12-months ended January 31, 2020.  Personal bankruptcies were up 2.3% and consumer proposal filings were up 13.0% as compared to the 12-months ended January 31, 2019.  There were 145 personal bankruptcies and 239 consumer proposals filed in New Brunswick in the month of January 2020.

Nova Scotia – there were 3,132 personal bankruptcies and 2,861 consumer proposals filed in the 12-months ended January 31, 2020.  Personal bankruptcies were down 11.1% and consumer proposal filings were up 32.1% as compared to the 12-months ended January 31, 2019.  There were 202 personal bankruptcies and 217 consumer proposals filed in Nova Scotia in the month of January 2020.

Prince Edward Island – there were 381 personal bankruptcies and 364 consumer proposals filed in the 12-months ended January 31, 2020.  Personal bankruptcies were down 12.8% and consumer proposal filings were up 18.6% as compared to the 12-months ended January 31, 2019.  There were 30 personal bankruptcies and 23 consumer proposals filed in Canada in the month of January 2020.

Powell Associates Ltd. is a Licensed Insolvency Trustee. We are experienced, hands-on insolvency practitioners who understand the personal impacts of major financial stress;

• You won’t be stuck in an assembly line process.

• You will expect and receive prompt responses and resolution of issues from our supportive and experienced team.

• We will review your debt solution options, including filing a consumer proposal or personal bankruptcy.

• We help Canadians with overwhelming debt get fresh financial starts.

Once you file a consumer proposal or personal bankruptcy, we deal directly with your creditors on your behalf. Your unsecured creditors are required to stop contacting you or continuing legal proceedings against you. Contact us for a free consultation.

We offer free consultations to review your financial situation and practical debt resolution options. Contact us to discuss your situation over the phone, a video chat, or in-person in Saint John, Moncton, Fredericton, Charlottetown, Dartmouth, or Miramichi.