Frequently asked questions
Do you have questions? Below are our most frequently asked questions.
There are several indicators that it’s time to consult a professional. Here are just a few:
- Your debt balance is decreasing too slowly, or worse, is constantly increasing.
- Your creditors are harassing you and threatening to seize your property or take legal action in relation to your debts.
- Your credit rating has dropped as a result of late or missed payments.
- You were refused a debt consolidation loan by a financial institution.
- Following a separation or divorce, you can no longer pay your current expenses.
- You’re unable to pay for essentials such as food, clothing and accommodation.
- You’re experiencing significant financial stress that affects your quality of life and mental health.
- You need help with drawing up a repayment plan.
- You’d like to know which legal rights and solutions are available to you.
Most importantly, you shouldn’t ignore these warning signs since your financial difficulties will not disappear. A Licensed Insolvency Trustee (LIT) can help you assess your situation, negotiate with your creditors and guide you towards the best solution. This could be a debt settlement proposal, consumer proposal or bankruptcy.
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Some of the most common signs that you could experience financial difficulties are:
- You’re struggling to pay your bills on time.
- You frequently have to use your credit card to pay for your purchases.
- You’re only making minimum payments on your credit cards.
- You use one credit card to pay off another.
- You paid several bills late.
- You’re dipping into your savings to pay your current invoices.
- You’re experiencing money-related stress and anxiety.
- You often go over budget or worse, don’t make a budget.
- Creditors have started to call you and demand repayment.
- You’re making impulse purchases even though you know you don’t have the means.
If any of these situations apply to you, don’t hesitate to contact us! We’re here to help you.
We also suggest that you read this article and determine whether you have too much debt.
Our fees for services related to bankruptcy filing, consumer proposal and all other solutions are determined by law. All other costs vary based on your income, seizable assets and whether you’re filing for your first bankruptcy or not. These expenses will be determined during your first meeting with one of our counsellors.
No, the Licensed Insolvency Trustee cannot seize your property. On the contrary, depending on your situation, they can help you retain your assets. However, if you don’t call on an LIT, a creditor could file for a ruling and seize your assets. Declaring bankruptcy or filing a consumer proposal put an immediate end to any legal action on the part of your creditors.
Choosing an Insolvency Advisor involves much more than finding someone who can help settle your debts. It’s about doing business with a professional that you trust and who will provide the support that you need during challenging times. Ask yourself:
Do I trust my Insolvency Advisor?
When you’re under significant stress, being at ease with your advisor is essential. Indeed, you’ll entrust your financial future to them over the next few years. You’ll have to share very personal information with them. Therefore, a good relationship is very important!
Does the organization have a good reputation?
Ensure that you’re dealing with a recognized and structured team of advisors and that a Licensed Insolvency Trustee (LIT) can intervene as required. Trustees are the only professionals who are legally authorized to administer bankruptcies and consumer proposals. You can contact the Office of the Superintendent of Bankruptcy to verify their license.
Is my first meeting free and no-obligation?
Your first meeting with one of our Financial Recovery Counsellors is free and no-obligation. The counsellor’s aim is to analyze your financial position in order to suggest the best solutions and answer all your questions.
Do they offer a human and non-judgmental approach?
When you’re experiencing financial difficulties, you don’t need an additional burden of guilt. Choose an advisor who listens without judging, understands your concerns and strives to rebuild your confidence. Each situation is unique and you deserve to be treated with respect.
Can they help me better understand my budget and financial habits?
Effective support goes beyond filing for bankruptcy or filing a consumer proposal. A skilled advisor can give you the tools you need to regain control of your finances. This includes helping you review your budget and better understand your spending habits so you can have a fresh start.
Will they use clear language?
Will they clearly explain and simplify the options available to me? Having a good understanding of your situation is an essential part of making informed decisions.
Financial difficulties put you under a lot of stress and making informed decisions can become challenging. Furthermore, each situation is unique and there are several solutions to eliminate debt. Bankruptcy may be appropriate in certain situations, but it’s not the only option. This is why you shouldn’t hesitate to consult a financial recovery professional. Our Licensed Insolvency Trustees have all the expertise required to help you find the best solution and get out of debt.
Many people are afraid to consult a Financial Recovery Counsellor as they believe that a bankruptcy process could negatively impact their credit report. However, contrary to popular belief, several solutions to debt allow you to retain and even improve your credit rating. In all cases, the best approach is to take action by meeting with one of our professionals. They’ll answer all your questions and help you regain your financial health.
We offer several solutions to help you clear your debts. These include:
- Declaring bankruptcy which allows you to eliminate all your debts and get back on track;
- A consumer proposal which is an agreement reached with your creditors and an excellent alternative to bankruptcy;
- Renouncing an insolvent estate where you exercise your right to refuse to inherit debt. We can help you determine what you should do in this situation.
- Debt consolidation which involves grouping several debts into a single loan from a financial institution. Our team can help you assess whether this option can be considered in your situation. You should note that securing a debt consolidation loan depends on a number of factors such as:
- Your credit rating (if you have late or missed payments);
- Your income stability and level;
- Your total debt.
In all cases, we’ll analyze your situation and propose the best solution for you during your first free and confidential meeting.
- We take the time to listen and assess your financial situation with you, without judgment.
- We review your income and debts.
- We present the solutions that can resolve your overindebtedness. We explain each solution and recommend the one that’s best suited to your situation.
- If you decide to move forward, we’ll take care of each step, work with your creditors and guide you throughout the process.
- We’ll also give you the tools that you need to avoid falling into debt again.
Your first meeting will take approximately one hour and is free of charge, confidential and judgment-free.
I’d like to book a first appointment.
You can book an appointment online and select the type that best suits you (phone, videoconference or in person).
I have a question or require immediate assistance.
There are several easy ways to contact us. You can choose to reach out:
– By calling us at 1-855-724-2268.
– By texting us at 514-878-0888.
– By emailing [email protected].
– Alternatively, you can use the confidential chat service on our website.
Have you already done business with us?
Our dedicated team is here to help you. Contact us by dialling 1-855-724-2268 or emailing [email protected].
Yes. All the meetings you’ll have with us offer a confidential, judgment-free and human approach. Our Licensed Insolvency Trustees are professionals who comply with strict standards of practice such as the Code of Ethics for Trustees. Their role is to help you settle your debt problems by building a relationship of trust. They keep your conversations and exchanges confidential at all times.
Yes. We offer remote, phone and videoconference consultations. You can choose which format best suits your needs.
Since our services are accessible throughout Quebec, you can access them no matter where you are. When booking an appointment, you can choose the option that suits you (in person, phone or online).
Yes. You can change or cancel your meeting at any time by clicking on the link in the confirmation email that you received.
Are you unable to locate your confirmation email or you need help? Feel free to contact us by dialling 1-855-724-2268 or emailing [email protected]. It will be our pleasure to help you.
Yes, we support companies of all sizes that are affected by financial difficulties. Depending on the situation, several solutions may be considered. These include:
- A recovery plan to stabilize and relaunch operations;
- Voluntary liquidation;
- A proposal to creditors (essentially an agreement reached with your creditors);
- Commercial bankruptcy.
During your first confidential meeting with one of our experts, we’ll work together to assess your company’s situation and identify the most appropriate solution.
Faire un lien vers la section Entreprises.
Absolutely! Our dedicated counsellors are available to take your calls at any time during business hours (Monday to Friday from 8 a.m. to 8 p.m. and Saturday from 10 a.m. to 2 p.m.).
Yes, of course! Our online tool allows you to book an evening appointment as late as 7 p.m. If you can’t find a slot that suits you, call us at 1-855-724-2268. We’ll arrange a time that works best for you.
It’s free of charge. We take the time to answer your questions and assess your situation before offering a customized solution.
No, not necessarily. You can simply contact us by phone. Together, we’ll assess your situation. It’s quick and easy!