A Licensed Trustee in Bankruptcy can assist with resolving your financial challenges, improving your emotional well-being. There are a number of alternatives available depending on the situation.  An informal proposal is an option in which an individual enters into an agreement with his/her creditors to settle or defer payment of some or all of their debt. Creditors are not, however, prevented from taking further action while the “informal proposal” is being negotiated. By contrast, a formal proposal filed in accordance with federal legislation prevents any further collection action, and collection efforts can only resume if the formal proposal is unsuccessful. Bankruptcy is another legislated alternative whereby a debtor assigns all of his property (subject to statutory and provincial exemptions) to a Trustee in Bankruptcy for the benefit of his creditors.  A Licensed Trustee in Bankruptcy can help you further explore all of your options.

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