Cold Lake Credit Counselling | Bankruptcy and Alternatives

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Debt Problems? Debt Solutions!

Avoiding collection agencies? Only able to make minimum payments on your bills? Missing payments? Experience a change in income or inbetween jobs? Using payday loans? These are just a few of the signs of financial difficulty.

Don't Stress. We Can Help!

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

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

- Determine with you the specifics of your financial situation.

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

- Find the solution that works best for you. (Bankruptcy is not your only option!)

- Get you back on track to being debt free!

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

Bankruptcy is always the final option. A consumer proposal might be the right solution for you instead. A proposal can only be offered by a Licensed Insolvency Trustee and provides the following:

- Immediate protection from your creditors. (Collection calls will stop)
- Forced settlements on your creditors (Even if some say no)
- No fee payments from you. (We are paid through a government tariff)
- Lets you keep your assets

- 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. Bromwich & Smith is here to help you start your debt free!

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 Cold Lake




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Cold Lake Debt Consolidation

When you visit a Bromwich & Smith trustee for debt help, they will discuss your options with you. In Cold Lake, bankruptcy and consumer proposals are two solutions to debt that have helped thousands of people. But which one is right for you?

Should you choose a Consumer Proposal?

A consumer proposal is a legal agreement between you and your creditors that settles your debts for a lower amount than you actually owe. Your trustee negotiates an amount with your creditors that you can afford. Then, you make one monthly payment to your trustee until the debts are settled. Most consumer proposals last no more than 5 years.

Advantages of filing a consumer proposal include:

Collection activity (wage garnishment, phone calls, etc.) stop immediately
Interest stops accumulating
You pay just one monthly payment
You can keep your home and other assets


Keep in mind that a consumer proposal does not erase your debts. You are still responsible for repayment, however, you pay a reduced amount over an extended period of time.

Is Bankruptcy the right choice for you?

With a bankruptcy, your unsecured debts are eliminated and you are no longer liable for them. When you file bankruptcy, you are required to surrender your non-exempt assets to your trustee. Your trustee then sells these belongings and uses them to pay off your debts. Keep in mind, no one loses everything they own in a bankruptcy filing. Your trustee will help you determine which assets you’ll get to keep and which asset you’ll have to turn over for liquidation.


Most bankruptcies last nine months, after which your debts are forgiven and you can begin to rebuild your credit.

Despite the drawbacks and negative stigma often associated with bankruptcy, a bankruptcy provides a number of advantages. These include:

- Most of your debts are completely eliminated

- All debt collection against you stops immediately

- You can start rebuilding your credit right away

- Offers a fresh financial start


Many people are worried that they will never be able to get credit or a loan after a bankruptcy. However, most lenders will approve higher-interest loans two years after a bankruptcy and you can begin the process of rebuilding your credit immediately after discharge.

In Cold Lake and across Alberta, bankruptcy and consumer proposals have helped many people in debt trouble. But deciding which option is best for you can be a difficult choice. A consultation with a Licensed Insolvency Trustee is your first step. Your trustee will look at your finances and make recommendations based on your situation. Whether the trustee recommends bankruptcy or a consumer proposal, you can be confident that it’s the best option for you.

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