Credit Solutions

• Proposals or Debt Settlements ( 4 Articles )
  A consumer proposal is an offer made by a person to creditors to reduce the amount of payment owed on the balance of the account. Generally, it is a proposition to pay the creditors a percentage of what is owed while stopping the interest. It can be made by a person owing less than $75,000.00 (excluding mortgage on a personal residence) and never having filed a proposal previously with the same debts. Individuals having a larger amount of debt should refer to the "Reorganizations for Professionals and Business" section.
• Credit Counselling ( 2 Articles )
  This a process in which a person will meet with one of our counsellors in order to have his/her financial situation assessed. At this session, a complete analysis of the financial situation is done after which a discussion will take place as to the current areas of difficulty and the possible alternatives to deal with them. The counsellor will also guide the person in the areas of rights and responsibilities in regards to his/her debt and creditors.
• Bankruptcy ( 5 Articles )
  Bankruptcy is a legal process to eliminate and discharge certain debts owed subject to reasonable conditions. It is a trade-off between the assets you own and the debts you owe. The assets (except those subject to provincial exemptions like furniture, personal effects, certain vehicles and tools required to earn your living) are given to a trustee who in turn liquidates them and distributes the funds to creditors.
• Reorganizations for Businesses ( 1 Article )