Cochrane Bankruptcy | Credit Counselling | Debt Consolidation

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Debt Problems? Debt Solutions!

Are you struggling to keep up with your minimum payments or missing payments altogether? Are you using credit cards to pay your bills? Have you experienced a change in income? Receiving calls from collection agencies?

There are solutions! Bromwich & Smith has helped thousands of Albertans in Cochrane and across Alberta gain control of their finances. We can help you too!

Our professional counsellors, credit counsellors and licensed insolvency trustees will:

 

- Work with you to determine your financial situation.

- Review all of the options available to you and provide support.

- Find the solution that works best for you. (There are options without declaring bankruptcy)

- Get you back on track to being debt free!

 

All of our appointments are confidential, unbiased and non-judgmental.

Our programs offer:

- Immediate protection from your creditors. (Collection calls will stop)
- Forced settlements on all of your creditors (Even if some say no)
- No fee payments from you. (We are paid through a government tariff)
- Monthly payments based upon what you can afford (Not what the creditors are demanding)

Being debt free isn't a dream. It can be your reality. We're here to help you start your debt free tomorrow...today!


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.


Avoiding bankruptcy in Cochrane


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Cochrane Debt Consolidation

At some point or another, most people experience financial problems. Sometimes these problems get out of hand. Bills pile up, payments are missed, and creditors start calling. If you have no way to keep up with your debt, it may seem like bankruptcy is the only option. Yes, bankruptcy is one way to solve excessive debt problems, but it’s important to remember it’s only one option.

Getting Out of Debt Without Bankruptcy

So how can you get control of your debt and finances without bankruptcy? Here are a few options:

 

Debt consolidation loan

Like the name implies, a debt consolidation loan allows you to consolidate your debt into one monthly payment. You obtain a new loan or a home equity line of credit to pay off your debt, then make one monthly payment towards your new loan. This option can save you hundreds and often thousands of dollars in interest. It also makes it easier to organize your bills. You should know though, that a debt consolidation loan does not actually lower your debt. It simply reorganizes the way you pay it back and as a result, costs less out of pocket each month.

 

There are a few drawbacks to this type of loan. Defaulting on a home equity loan could cost you your home. If you don’t have home equity, then you have to qualify for a loan with good credit and a steady income, which can be hard to do. There are lenders who will qualify just about anyone, but these are often come with huge fees and penalties.

 

Consumer Proposal

A consumer proposal is another option which has been steadily growing in popularity. This is a legal arrangement between you and your creditors that lets you settle your debts for a smaller amount to be repaid over a predetermined period of time. Consumer proposals can only be prepared by a licensed insolvency trustee. Previously known as a bankruptcy trustee, a licensed insolvency trustee at Bromwich & Smith will negotiate a settlement for you. Once the amount is settled, you make a monthly payment to your trustee instead of dealing with each creditor. The trustee then distributes the payment to your creditors.

This option requires that you have the ability to make payments each month, so a steady job is a must. It also affects your credit, but unlike a bankruptcy, it allows you to keep your belongings and the affect on yur credit can be less then a bankruptcy.

 

When Bankruptcy is the Only Option

In some cases, you’ll find that bankruptcy is the only option that makes sense for you. When bankruptcy is discussed, people often think of the negative things that go along with it, like losing your possessions or damaging your credit.

But sometimes, bankruptcy is the best option. If you don’t think you qualify for any bankruptcy alternatives, don’t worry—bankruptcy can actually be a good option. It provides a fresh financial start and gives you the opportunity to get out of crippling debt you may never have been able to pay off on your own.

 

Weighing the Options

Your best bet for deciding which option is right for you is to give us a call at Bromwich & Smith. Our experienced credit counsellors will go over each of your options with you. Trustees follow a strict code of ethics set forth by the government, and will offer unbiased advice. Best of all, you’ll find out that bankruptcy is not necessarily your only option.

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