One of the biggest stressors of having too much debt is dealing with collection agencies.
When a “Bankruptcy Trustee” or a Licensed Insolvency Trustee (they mean the same thing) files a bankruptcy or consumer proposal on your behalf, a stay of proceedings is issued to all your creditors.
A stay of proceedings is a legal order that stops debt collectors from contacting you for money owed, and it is automatically instated after a consumer proposal or bankruptcy is filed on your behalf. It also stops most legal proceedings against you and prevents your wages from being garnished.
Bankruptcy and a consumer proposal are both paths to becoming debt-free, but they work in very different ways. A consumer proposal is a legal agreement where you pay your creditors part of what you owe over time and the rest of the debt is forgiven.
Bankruptcy is a last resort option and often not needed in many cases. You may be forced to sell assets, but many people keep their homes during a bankruptcy. You will then be released from most of your debts.
Many people with debt troubles do not need to file for bankruptcy and often find better a alternative to suit their needs. Some of these include:
The only person who can legally file a consumer proposal or bankruptcy on your behalf is a Licensed Insolvency Trustee. Licensed Insolvency Trustees are regulated by the federal government of Canada. Licensed Insolvency Trustees are qualified professionals who have been granted a license by the Office of the Superintendent of Bankruptcy.
Their job is to help debtors make informed decisions about their financial future and guide them through the process of becoming debt free. Our Montreal team is highly qualified and experienced. You can trust them to treat you, and your situation, with discretion and the highest quality of care.
Talking about debt can be intimidating, so we ensure you feel supported every step of the way.
We take the time to explore all debt relief options, so you can choose the best one for you.
With 140+ offices and 60+ years of experience, we're ready to help in your local community.