Financial Consultant – Laval, West Island, Montreal

Insolvency Advisor and Trustee in Bankruptcy

Financial solutions to your financial problems

We listen carefully to understand you and help you find the best solution to improve your financial situation and your quality of life. Often, it is possible to make an offer to your creditors, thus avoiding bankruptcy while keeping all your assets. Our Laval office is easily accessible for meeting with you. Don’t wait until it’s too late; we can help you now.

Member of the Quebecer Association of Insolvency and Restructuring Professionals

Member of the Canadian Association of Insolvency and Restructuring Professionals

Financial solutions:

Communicate with your creditors

Explain to them why you cannot make your payments and propose making reduced payments over a longer period of time. You will probably be surprised at the number of creditors who accept this type of proposal.

Consolidation loan

You can ask a bank or another financial institution about the possibility of consolidating your debts – debt consolidation – by obtaining a single loan. In such a case, the bank or institution discharges all your debts and, in return, you make a single monthly payment to the bank or institution. Contact several establishments before choosing this creditor because the interest rates may vary from one to another. It is important to stop buying on credit. Otherwise, you may never get out of debt.

The voluntary deposit

This is a procedure by which you must make a monthly payment to the court, based on your salary and your family responsibilities, and reimburse the full amount including the interest on the capital. Usually, it is the Court of Laws of your locality that administers this program.

Consumer proposal
You could make a proposal to your creditors, to modify your obligations to them. For example, you could propose making lower monthly payments, spread out over a longer period. Or you could propose reimbursing your creditors only a portion of what you owe them.

Example: After consulting us, Alain and Isabelle were able to keep their house and their car by offering a single monthly payment of $225 instead of the $800 they were previously paying.

Why make a consumer proposal?

• To reduce the amount of your debts
• To give you more time to reimburse your debts
• To avoid bankruptcy
• To keep your assets (car, house, RRSP, etc.)
• To stop seizures by creditors (protect your revenues)
• You make a single monthly payment that is affordable and budgeted
• No interest as of the filing of the proposal

Who can make a consumer proposal?

A person who is insolvent and whose total debts, excluding those secured by his or her principal residence, do not exceed two hundred and fifty thousand dollars.

Your creditors will usually appreciate the fact that you are willing to make efforts to reimburse them, at least in part. Your credit rating will be less seriously affected than in the case of bankruptcy, and good budgetary management habits will be established.

Bankruptcy

Bankruptcy is a legal process under the Bankruptcy and Insolvency Act. It releases you from your commitments to your creditors and cancels all your debts, with a few exceptions. The objective of the Act is to allow honest but unlucky debtors to be relieved of their debts, under reasonable conditions. Why declare bankruptcy?

• To eliminate all your debts (without some exceptions)
• To eliminate pressures and legal actions by your creditors
• To make a new start

Re-establish your credit. When a person decides to declare bankruptcy, the Office of the Superintendent of Bankruptcy informs the Credit Bureau. This information remains on your credit file a period of 6 to 7 years. However, there are ways to re-establish your credit as follows:

• Consult your financial institution and ask for help
• Deposit a certain amount in your savings account
• Ask for a small loan guaranteed by your savings and reimburse this loan as agreed
• Ask for a credit card guaranteed by your savings and pay the balance of your credit card each month.

N.B. You give your assets to the trustee, however, some assets may be exempted.

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