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What is a counsellor in financial recovery?

Article updated on 19/08/2019
Counsellors in financial recovery and Licensed Insolvency Trustees are the professionals who will help you when you work with Raymond Chabot. Sometimes people mistakenly call them bankruptcy counsellors or trustees. But they’re not here to make you go bankrupt, they’re here to find a solution.

Summary

What is a counsellor in financial recovery?
  • There’s a difference between a counsellor in financial recovery and a Licensed Insolvency Trustee, but they work as a team to help you with your finances.
  • Counsellors in financial recovery are high-level professionals who analyze your situation and help you make informed decisions to solve your debt problems.
  • Licensed Insolvency Trustees are federally licensed experts who verify counsellors’ recommendations. They also officially submit documents to the government.

 

Is a counsellor in financial recovery the same as a Licensed Insolvency Trustee?

At Raymond Chabot, counsellors in financial recovery and Licensed Insolvency Trustees work as a team. They work together on a day-to-day basis, joining forces to ensure that your financial situation improves. But they each have their own responsibilities.

Your counsellor in financial recovery is the person you’ll be communicating with throughout the process. This is the specialist you’ll meet with when you make an appointment. They’ll handle your file, advise you and prepare the proposal for your creditors. They’ll also communicate with your creditors.

Licensed Insolvency Trustees confirm, verify and officially submit all the documents prepared by your counsellor. To do this, they must be licensed by the Office of the Superintendent of Bankruptcy. Their profession is federally regulated.

What can my counsellor do for me?

The answer is simple: a lot! Not only does a counsellor in financial recovery have the tools to help you take control of your financial situation, but they’re also responsible for supporting you throughout the process, from start to finish.

There are countless benefits to working with a counsellor in financial recovery:

  • You can find the best way to solve your money problems.
  • They represent you to creditors.
  • They’re there for you until your debts are cleared.

Certified expertise

Counsellors in financial recovery are professionals you can trust. They’re regulated by credible organizations.

Icons representing the three organizations that oversee the work of counsellors in financial recovery

Can a counsellor get creditors to stop harassing me?

Absolutely! Your counsellor will initiate what is known as proceedings under the Bankruptcy and Insolvency Act (i.e., a consumer proposal or bankruptcy). From that point on, your counsellor will handle your creditors. This means that your creditors can’t try to contact you anymore. No more daily calls or pushy emails! Your counsellor in financial recovery is the only person your creditors can get in touch with.

What should I expect at my first meeting?

The first time you meet with your counsellor in financial recovery, they’ll take the time to look over your financial situation with you—without judgment.

Because every case is different, it’s important for their analysis to be precise and thorough. This is why you’ll need to bring certain documents with you. Don’t worry—we’ll tell you what to bring ahead of time.

Once the analysis is complete, your counsellor will outline what your options are to solve your money problems. They’ll explain each option and recommend the most appropriate one. The optimal solution will be geared to your situation and will help you reach your goal: to get out of debt!

At the first meeting, you can decide to go forward with the proposed solution, or you can also take time to think about it.

If you’re not sure about whether to meet with a counsellor, remember that the consultation is free and 100% confidential.

Once I’ve chosen my solution, what will my counsellor in financial recovery do?

Once you’ve decided to take action and set your plan in motion, your counsellor will be your greatest ally. Their work is just getting started, and they won’t stop until you’re debt free!

Throughout the process, you can count on your counsellor to:

  • Support you throughout the proceedings
  • Negotiate with your creditors
  • Keep you informed and give you advice every step of the way until your debt is behind you
  • Give you tools to keep you from ending up in the same situation in the future

A Licensed Insolvency Trustee will work alongside your counsellor. They’ll approve all the documents prepared by your counsellor as they work through your file, and officially submit them at the end.

How can I reach out to a counsellor?

There are over one hundred Raymond Chabot offices in Québec, Ontario and New Brunswick. Find the one closest to you.

Are you ready to meet with a counsellor? Call 1-855-RCHABOT (724-2268), chat with an agent online or fill out this form to set up a free consultation.