Consumer debt (credit card debt, line of credit etc.) is at an all time high in Canada. This means that the average Canadian is struggling to make ends meet on a monthly basis while trying to pay off their debt.
What are your options?
In Canada, currently there are NO government-sponsored programs that allow you to enter into payment arrangements. Every organization that offers “credit or debt” consolidation or payment programs, are in the BUSINESS of helping you organize your payments and thus charge a fee for their service whether they tell you up front or not. Even the programs that are “Not-for-Profit” charge fees and are sometimes supported by the credit companies themselves.
Chartered Insolvency and Restructuring Professionals as a federally Licensed Insolvency Trustee (formerly Trustee in Bankruptcy)
These are professional individuals and firms who are members of a national professional organization (CAIRP and/or CICA) with strict ethics and codes of conduct including rules with respect to advertising, training and licensing. These individuals are also governed by a federal Act called the Bankruptcy and Insolvency Act. This Act’s intent is to allow those burdened by insurmountable debt to make a fresh start and that the process of doing so should be governed to ensure that all parties (you and your creditors) know exactly what to expect. To help ensure that the rules are followed, a department of the federal government under Industry Canada called the Office of the Superintendent of Bankruptcy (“OSB”) is responsible for supervising the process and protecting the public interest. The OSB is responsible for issuing operating licenses to Trustees and for reviewing everything that the Trustee does to ensure that every debtor is treated exactly the same and fairly as outlined under the Act.
Because of the high degree of training required to be a federally Licensed Insolvency Trustee (generally a three year course plus yearly ongoing continuing education requirements), Trustees are the only professionals who can administer either a Consumer Proposal or Bankruptcy legislated by the Bankruptcy and Insolvency Act.
Colleen Craig of C. E. Craig & Associates, as a Chartered Accountant, licensed LIT Bankruptcy Trustee and a Chartered Insolvency and Restructuring Professional, can outline all of your financial options, and possesses the credentials necessary to ensure that the process for debtors and creditors is fair and properly disclosed.
Bankruptcy is not always necessary when you are in a difficult financial situation and talking to an LIT Bankruptcy Trustee you know that you are getting advice from a qualified Insolvency Manager. You have other options available to you, you can select a debt counselor but in doing so, you have no idea as to their qualifications. Unlike Chartered Insolvency and Restructuring Professionals who have years of higher education and ongoing training, counselors have no such requirements. Talking to a bankruptcy trustee, a debt restructuring expert, you will discover ways you can not only pay your debts off, but recover your financial freedom. Trustee Colleen Craig from Victoria BC, will look at all of your options and help you through these tough financial times! Contact us today and learn how you can avoid bankruptcy!