We understand how stressful financial struggles can be and offer clients guidance and advice. If your question isn’t answered here,  to contact us by phone and one of our team members will answer your question directly.

How do I know what the best debt solution for my situation will be?

Figuring out the best solution for dealing with each individual’s situation is what we do best. We’ll gather all the necessary information, review and explain all the available options, and then explain which choice we think is best for you. You’ll be able to make a fully informed, comfortable decision that deals with all of your unsecured debts.

Will I lose my house or my car?

In a consumer proposal secured assets, like your home and car, are not included. If you’re able to keep the payments up to date, you can keep secured assets.

In a bankruptcy, the majority of clients keep their homes and cars. In rare cases a person declaring bankruptcymay not be able to keep these assets.

The best thing to do call our office and talk to us. We’ll be able to answer any questions.

What’s the difference between a consumer proposal, credit counselling and a bankruptcy?

Consumer proposals, bankruptcy and credit counselling are each very different ways of dealing with debt. The cost structure to the client is different in each one. Bankruptcy typically has lower monthly payments over a shorter timeframe, followed by consumer proposals. Also, consumer proposals may offer some areas of flexibility not found with other debt solutions.

Bankruptcy wipes your financial slate clean. Consumer proposals allow you to keep ownership of a wider range of assets. Credit counselling isn’t a service offered by Canada Consumer Credit Assistance, but if you are considering credit counselling we suggest you carefully review the strengths and weaknesses in comparison to a consumer proposal.

Are all debts eligible for consumer proposals and bankruptcies?

Most unsecured debts, like credit cards, unsecured lines of credit, personal loans, taxes, etc. are covered in both consumer proposals and bankruptcies. Student loans over 7 years old are eligible.

Debts like child support payments, alimony, secured loans (mortgage and car loans), court imposed fines and debts arising from fraud are not eligible.