Insolvency Counselling Program

The Bankruptcy and Insolvency Act requires that all consumer debtors (any individual who files a consumer proposal or personal bankruptcy) to receive financial counselling from a qualified insolvency counsellor.

There are specific topics and deadlines for each counselling session.

The first session to be conducted between ten and ninety days following the filing of a consumer proposal, or personal bankruptcy.

The second session to be conducted after a period of at least thirty (30) days following the first session. In the case of personal bankruptcy, the second counselling must be completed prior to the discharge date. In the case of a consumer proposal, the second counselling must be completed prior to a certificate of full performance, being issued.

First Counselling

The budgeting stage is the first insolvency counselling stage which takes place near the start of the insolvency process. The budgeting stage consists of one online portion and one in-person session. During the online portion, you will review the introduction and the budgeting module.

The introduction will provide you with orientation information and outline what you can expect during the Insolvency Counselling Program.

The budgeting module will help you develop a personalized, basic budget that is realistic and achievable. Your personal budget will be discussed with your counsellor during your first in-person counselling session.

Second Counselling

The planning for the future stage is the second insolvency counselling stage which is focused on post-insolvency goals, spending habits, and use of credit. The planning for the future stage consists of three online modules and one in-person counselling session.

During the online session you will review the following modules:

The modules in the planning for the future stage are critical components of post-insolvency success. They will help prepare you by providing the tools and knowledge to help you stay on track after you are discharged or obtain a certificate of full performance. The skills you will learn are meant to be practiced along with the good budgeting skills you will have established during the budgeting stage. Your list of financial goals will be discussed with your counsellor during your second in-person session.