If your debt (not including any mortgages on your home) is under $250,000*, a Consumer Proposal may be the best way to get relief. A Consumer Proposal allows you to consolidate your debts while avoiding filing for bankruptcy or losing your assets. You usually repay only a portion of your debt while the rest is forgiven. The amount you pay is based on your ability to pay, not on how much you owe.
*Note: If you owe more than $250,000 in (non-mortgage) debt, there is a similar solution called a Division I Proposal which we can also provide.
Calgary Licensed Insolvency Trustee Charla Smith & Company can help determine whether a Consumer Proposal is the right option, and we have the expertise and experience to arrange and administer your Consumer Proposal without the need for you to engage a debt consultant.
Canadian law allows individuals struggling with less than $250,000 in (non-mortgage) debt to make a Consumer Proposal to their creditors to obtain debt relief while avoiding bankruptcy or losing their assets. (Those with more than $250,000 may qualify for a Division I Proposal, which we are also licensed to provide.)
A Consumer Proposal is a legal process to negotiate an extension of time and/or a reduction of debt with all your creditors at once. It stops interest from accruing and includes a ‘stay of proceedings’ which stops creditors from taking any further action. Even a creditor that objects to this proposal will be required to abide by it if the majority of other creditors have agreed.
We will work with you to determine whether a Consumer Proposal is your best option, and if it is, we will collaborate with you to develop a proposal to creditors that is achievable for you. Then we work with your creditors to help them understand your proposal and why we recommend they accept it.
We are with you every step of the way to make sure your proposal has the best possible chance of success and we never lose sight of your goal of achieving freedom from the stress your debt is causing you.
Debt happens, and we know there are many reasons why people get into financial difficulty. At Charla Smith & Company, our job is not to judge but to help. We will discuss how to solve your debt problems in a way that respects your dignity and acknowledges your unique circumstances.
Our small team of insolvency professionals provide financial advice and can offer consumer proposals and bankruptcy filings where appropriate.
We’re here to answer questions, guide, and advise you so you can take back control of your financial situation. Complete this contact form or call us at 1-403-899-3890 today for a confidential FREE no-commitment consultation.
A Consumer Proposal is not the right solution for everyone, but we can help you determine whether it is the best option for you.
The benefits of Consumer Proposals may include:
There are a number of impacts to consider when comparing the Consumer Proposal route to other options:
At Charla Smith & Company we understand what a burden the stress caused by debt can be and are here to help you understand your options and move forward when you are ready.
Debt can feel unmanageable and overwhelming and can affect all aspects of your life. It’s easy to feel like there’s no way out of it.
At Charla Smith & Company, we understand the stress caused by unsustainable debt. As a Licensed Insolvency Trustee, we're here to help with financial advice and we can offer relief from your debt through a consumer proposal or bankruptcy.
Your best interests always come first. We listen without judgement and provide unbiased expert advice. Contact us today at 1-403-899-3890 for a FREE, confidential, no-commitment consultation, and let us empower you to move forward and take back control of your finances.
The stress caused by overwhelming debt can affect all facets of your life. While it may sometimes feel like there’s no way out, we can explore options with you that will provide relief from your debt.
We at Charla Smith & Company can help you determine whether a Consumer Proposal is the right solution for you to get your financial situation back on track. We’ve had the privilege of helping many individuals just like you by educating them about their options, providing advice and guidance based on our experience, and following through on implementing whatever solution is the best fit.
We're here to help you reclaim control of your finances. Call us at 1-403-899-3890 for a free and confidential consultation.
When facing what may feel like insurmountable debt, you need access to professionals you can trust. Charla Smith & Company provides unbiased advice about your options for debt relief, which, depending on your situation, may include formal insolvency options like a consumer proposal or bankruptcy. Learn more about how we can help you get rid of your financial stress.
If you'd like some financial advice but aren't ready to book a meeting or reach out, feel free to check out our blog page, where we post articles and information that can help you do your research or understand the supports available in the Calgary area. For example:
The amount you will pay to your creditors depends on a number of factors unique to your situation, such as your income and your assets. Only a Licensed Insolvency Trustee can administer a Consumer Proposal. The fees paid to the Licensed Insolvency Trustee are based on a calculation set by the government, so the fee would be the same regardless of which Licensed Insolvency Trustee firm you choose to work with.
There is no need to pay a debt consultant to see a Licensed Insolvency Trustee. Our government-calculated fee includes all of the work to review your situation, prepare your proposal, and help you get through the process.
The process for making a Consumer Proposal is standardized, in accordance with rules and procedures set out in the Bankruptcy and Insolvency Act of Canada. This means it is transparent and predictable, which is good for you and for your creditors (which makes them more likely to accept your proposal). Essentially, you work with your Licensed Insolvency Trustee to prepare documents for your creditors, explaining your situation and your proposal. Your creditors then vote on the proposal and, assuming they vote yes, you follow through on the proposal, including making the payments it sets out.
Debt consolidation may be a good option for you, and if so, we would advise you of this during the Financial Assessment stage. However, debt consolidation doesn’t have many of the important features of a Consumer Proposal, which include: providing a legal 'stay of proceedings' immediately stopping actions your creditors might be taking, and dealing with all of your unsecured debt. Debt consolidation also does not allow you to reduce the amount you owe, which may be necessary if your debt level is unmanageable.
For more information on this topic, check out our blog post entitled: Consolidation Loans: the Good the Bad and the Ugly
Let us help you get relief from the burden caused by your debt. As a Licensed Insolvency Trustee, Charla Smith & Company are highly trained and experienced in debt relief solutions, and we take great pride in identifying the option that's the best fit for your unique situation. From advice on talking to your creditors to consumer proposals to bankruptcy and everything in between, we’re here to answer questions, guide and advise you so you can take back control of your financial situation. Serving Calgary, AB and surrounding areas.
With our experience and our caring approach, we will help you find the best option for debt relief based on your unique situation - from advice on talking to your creditors to a consumer proposal or bankruptcy, and everything in between. We are here to lift the burden caused by overwhelming debt.
Contact us today at 1-403-899-3890 for a FREE, confidential, no-commitment meeting, and let us guide you to regaining your financial footing.
