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Whatever your financial situation, there is a solution. At Bromwich & Smith in Lethbridge, we are here to help.

 

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Debt Problems?

Debt Solutions!

Whatever your financial situation, we can help.

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Lethbridge bankruptcy and alternatives

Problems With Debt? 
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Convenient Location in Lethbridge. Local Offices Across Alberta.

1718 3 Avenue S, Suite 1, Lethbridge, AB T1J 0Y9   Call: 1.855.884.9243 (Alberta Toll Free)

 

Debt Problems? Debt Solutions!
Stop All Creditor Actions Today.

When you are experiencing financial difficulties, we understand that the stress can become absolutely overwhelming. The good news is, there are real solutions that can get you back on track to being debt free. However, it is important to recognize that choosing the right debt solution for your situation can make a world of difference in the outcome. That's where the debt professionals at Bromwich & Smith can help.

The experienced team at Bromwich & Smith in Lethbridge will examine your current financial situation with you, and use this information to provide you with the best path to take control of your finances. Depending on your debt situation, credit counselling, budgeting or a debt consolidation loan may be the best solution for you. In other cases, you situation may call for the legal protection provided by a consumer proposal or a bankruptcy.

Bankruptcy is not the only option. There are alternatives. Learn how you can eliminate debt and avoid Bankruptcy with a Consumer Proposal.


Only a Federally Licensed Insolvency Trustee like Bromwich & Smith can offer and administor a Consumer Proposal and a Bankruptcy. Keep reading to find out how a Consumer Proposal can truly be the best solution for you and your creditors.


Here's how a Consumer Proposal works:


A Bromwich & Smith credit counsellor will examine the details of your financial situation with you.
We will negotiate with your creditors for an amount that you can afford and not what creditors are demanding. Amount of settlement is usually only a percentage of what you originally owed. As amount is greater than what creditors would receive in a bankruptcy, it is usually accepted. (If you are unable to pay anything to creditors, there are other solutions available).
All creditors are legally forced into a settlement, even if not all agree.
ALL creditor actions immediately cease, including wage garnashees, collections and all other legal actions.
All interest charges stop.
You pay one affordable monthly payment for a term that matches your budget.
Assets are not touched by a Consumer Proposal.
We are paid by a government tariff. There are no additional fees beyond the settlement amount.
Once accepted, the creditors can't come back for more, regardless of changes in income or other windfalls.

With a Consumer Proposal, you make one affordable monthly payment, usually based on repaying only a percentage of what you originally owed.

What is a Consumer Proposal?

Consumer Proposals were created as an alternative to personal bankruptcy and can be a “win-win” situation for both you and your creditors. A consumer proposal can significantly reduce your debt and will immediately stop all creditor legal actions against you.

Based on your specific financial situation, a Bromwich & Smith trustee will negotiate with your creditors for you, offering a payment plan based on an amount that you can afford and not what creditors are demanding. Amount of settlement is usually only a percentage of what you originally owed. A Consumer Proposal is legally binding and once agreed upon, your settlement amount can't be increased...your creditors can't come back looking for more.

Creditors “win” with consumer proposals since they will receive more money then they would in a bankruptcy, and consumers win since they can keep all their assets, and can pay back their debt at a rate they can afford and not what creditors were demanding, interest free.

 

Your eligibity for a Consumer Proposal will depend on your particular financial picture. To discuss your options and eligibility, give one of our Credit Counsellors at Bromwich & Smith a call today.

Stop ALL Creditor Actions

As soon as a Consumer Proposal is filed, all actions against you will stop. This means collection calls will immediately stop, as will wage garnishees and all other creditor legal actions.

Make One Affordable Monthly Payment

When under the protection of a consumer proposal, all of your debts are included in one monthly payment. This payment amount is negotiated between your Bromwich & Smith Trustee and your creditors, and is set at an amount that you can afford, usually only a percentage of what was originally owed.

No Interest Charges

All interest charges stop.  There is no interest added to your proposal amount, for the entire duration of the proposal. Every cent you pay goes towards paying your debt and not interest!

Keep Your Assets. Keep Your Home.

A consumer proposal does not include assets in which creditors have leins, such as car loans. Mortgages are also not included. However, you may be able to make arrangements to continue with the payments so that the asset can be retained. If an individual has a mortgage on their residence, they can continue making the mortgage payments.

No Fee Payments From You!

Our fees are based on a tariff set by the Bankruptcy and Insolvency Act, and the fees are deducted from the payments made by you, before any funds are issued to your creditors. There is no additional cost to you above and beyond the monthly payment in the proposal.


Lethbridge Debt Consolidation

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Lethbridge Bankruptcy Alternatives
Top five reasons why a consumer proposal could be your best option for getting out of debt:

1) One advantage of a consumer proposal over a bankruptcy is that unlike a bankruptcy, a consumer proposal allows you to keep your belongings. Because you are making payments towards your debt, there is no need to seize your assets.

2) A consumer proposal and a bankruptcy are the only two ways to legally be protected from further actions from your creditors. When Bromwich & Smith files a consumer proposal for you, by law your creditors are no longer allowed to contact you, nor can they attempt to obtain money from you. This includes phone calls, wage garnishment, and any other collection attempts.

3) When you file a consumer proposal, interest no longer accumulates on the settled amount. All the payments you make go directly towards the principal.

4) A consumer proposal consolidates your debt so you no longer have to make separate payments to each of your creditors each month. Instead, you make one payment, based on a budget that you can afford, to your administrator at Bromwich & Smith. Your administrator then distributes this money among your creditors.

5) Although a consumer proposal affects your credit score, there is potential for it to have a lessor affect than a bankruptcy.

For example, let’s say you proposed to pay $275 per month for 4 years. After a year, you get a raise and are able to pay off your settled amount an entire year earlier. In this case, the consumer proposal will only be on your report a total of six years. (A proposal will show up on your credit report for three years from the date of your last payment). With a bankruptcy, it stays on your report for a full seven years after your bankruptcy is discharged.

When you are in debt, bankruptcy doesn’t have to be your only option. The benefits of a consumer proposal make it a good option for people who want to get out of debt without filing bankruptcy. If you’d like to find out if a consumer proposal is right for you, contact Bromwich & Smith in Lethbridge today.
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One Convenient Number For All Alberta Offices

Call: 1.855.884.9243 (Toll Free)