Filing Bankruptcy. The Facts + A Look At Consumer Proposals.

Nobody wants to declare bankruptcy. In fact, the mere mention of filing bankruptcy can send shivers down most peoples spines.  But fact is, sometimes declaring bankruptcy can be the best way to deal with your debt and get a new start. 

Can I File A Bankruptcy Myself?

In Canada, only a Licensed Insolvency Trustee like Bromwich+Smith has the legal authority to file a bankruptcy. Bromwich+Smith handles all correspondence and negotiations with your creditors for you. Plus, as we are a federally licensed and authorized Agent of the Court, a bankruptcy is legally binding on all creditors, including credit card providers, tax debt and all other unsecured debt. Bromwich+Smith has helped thousands of Canadians eliminate debt since 2002, and we can help you too.

How Do I Determine If A Bankruptcy Is Best For My Situation?

No matter how difficult or complicated you believe your financial situation is, you can rest assured that there are always options to explore. In some cases, declaring bankruptcy can be the best option to eliminate your debt and give you a fresh start. In other cases, you might be better served by another debt relief option, like a Consumer Proposal. At Bromwich+Smith, we'll examine your financial situation with you and find the best solution for your specific financial situation. Your consultation is always free and can take place on the phone from the convenience of your own home. 

What Happens When A Bankruptcy Is Filed?

Immediately upon filing, all collection agency and creditor actions must stop. Legal actions will stop and wage garnishments will come to an end. If bank accounts have been frozen, these too will be thawed.

Filing Bankruptcy Does Not Mean You Lose Everything.

There are exemptions set by each province allowing you to keep up to a prescribed value in  personal belongings, plus pensions and other registered savings plans are usually protected from seizure by law.  You are also allowed to keep a set amount of equity in your home and a car up to a certain value. Plus, your income is protected up to the threshold amount set by the federal government, based on your family situation.  Want to find out more? A Bromwich+Smith Debt Relief Specialist is available to go over your specific financial situation with you, and give you a clear picture of the benefits, your exemptions and any affect a bankruptcy would have on you. We'll also take a look at a Consumer Proposal, which does not touch your assets, and determine if this might be a better option for your situation. Your consultation is always free.

Will My Credit Be Ruined If I File For Bankruptcy?

Fact is, if you are behind in paying your bills and creditors are calling or taken legal actions against you, your credit is likely already in shambles. And unless you have a clear option to get back on top of your bills, your credit will continue to take a downward spiral as will your chances to ever pay off your debt.  With a debt restructuring program like a bankruptcy or consumer proposal, you will be able to put a stop to the actions against you, eliminate your debt, and get back on the path to rebuilding your worth and a better financial future, starting today.  Plus, you don't have to wait to start building your credit. There are resources available that can help you start to rebuild your credit even while you are enrolled in a debt restructuring program. 

Is There An Alternative to Declaring Bankruptcy? Yes!

At Bromwich+Smith, we are licensed and authorized by the Federal and Provincial governments with the legal authority to provide bankruptcies and a powerful bankruptcy alternative called a Consumer Proposal. We will help you determine the best solution for your specific financial situation.

Here's how a Consumer Proposal Works:

+ CRA Tax Debt, Credit Card Debt, Payday Loans...It's All Included In A Consumer Proposal.

A Consumer Proposal includes all unsecured debt, and is legally binding on all creditors.

+ Settle Debts For Only A Percentage of Original Debt Owing.  The Remainder is Forgiven.

Bromwich+Smith negotiates with your creditors on your behalf, usually reducing debt to only a percentage of original amount owed. Plus, Proposal amount is based on current financial situation. Once accepted, creditors can't come back asking for more.

+ Collection Calls & Legal Actions Are Immediately Stopped.

Immediately upon filing, all creditor collections and legal actions must stop. No more bothersome calls or stressful letters. If wages are being garnisheed, this too is stopped.

+ No Interest Charges + 5 Years To Pay.

Get off the interest treadmill. There are absolutely no interest charges with a Consumer Proposal. Plus, Proposal can be paid over 5 years.

+ Does Not Involve Your Assets

Your home, car and other possessions are not touched by a Consumer Proposal

+ No Hidden Fees.

There are no fee payments from you. We are paid by a government tariff included in the settlement to your creditors.

What Happens During Your Free Consultation?

First, a Bromwich+Smith Debt Relief Specialist will go over the details of your current financial situation with you.

Next, we'll explore your options with you and develop a debt relief solution tailored to your situation. Your consultation is always free and can occur over the phone and from the comfort of your own home. You are now on the path to being debt free.

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