The personal bankruptcy and consumer proposal process in Canada is regulated by a federal government department called the Office of the Superintendent of Bankruptcy (“OSB”). The OSB regulates and licenses the professionals in the personal bankruptcy and consumer proposal process, these professionals are Licensed Insolvency Trustees. You don’t need a lawyer to file personal bankruptcy or a consumer proposal.
A Licensed Insolvency Trustee (LIT) is regulated by the Federal Government to administer personal bankruptcy and consumer proposal filings and is who you need to talk to about filing either option. Most Licensed Insolvency Trustees are also members of the Canadian Association of Insolvency and Restructuring Professionals and are subject to ethical standards and codes of conduct. A Licensed Insolvency Trustee must complete a very comprehensive multi-year educational and experience program before obtaining a license to practice.
A Licensed Insolvency Trustee will treat you in a dignified manner and review the facts of your situation and explain how personal bankruptcy or a consumer proposal would work for you so that you can make an informed decision and choose the solution that is best for you.
There are many companies in Canada that claim they can help you reduce your debt. Whether they are profit-driven or not-for-profit organizations they each charge service fees to help you negotiate a repayment plan or settlement agreement with your creditors. Some have contractual agreements with creditors spelling out the repayment arrangements that they will accept so there really are no negotiations taking place on your behalf. You either fit into their model or they can’t help you.
The level of experience, training and education with debt settlement and credit counselling companies can also be an issue. Some have previous credit or collection experience while others have no experience other than the in-house training programs these organizations provide. Many debt settlement and credit counselling companies do not have the capability or incentive to adequately explain the options of bankruptcy or consumer proposal. These are important options to understand before you decide what will work best for your situation.
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.