Debt Problems? Real Solutions In Stony Plain - Please Call for Your Free Consultation

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Debt Problems?
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Debt Crisis?
There Are Solutions!

Most people already know the importance of maintaining their physical health, which includes regular checkups with a doctor. But what about your financial health? Neglecting your financial health can lead to major money problems, including too much debt. If you're due for a financial checkup, a bankruptcy trustee can help.

What is a licensed insolvency trustee?
In April 2016, Bnakruptcy Trustees were renamed to Licensed Insolvency Trustees. A trustee is a licensed financial professional. They are experts in personal finance. So, a licensed insolvency trustee can actually be your best option to avoid bankruptcy! A trustee is the only financial professional with the legal authority to offer and prepare consumer proposals, which can be a powerful alternative to bankruptcy.

How can licensed insolvency trustees help me?
When you meet with a Bromwich & Smith trustee, he or she will sit down with you and go over your finances. They will need to know how much debt you have, your income, and your monthly expenses. From there, they can help you get your debt under control.

Just like your physical health, your financial health can suffer as well. A financial checkup from a trustee is one of the best things you can do to help you tackle your debt.

Bankruptcy and alternatives in Stony Plain AB

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.




Stony Plain bankruptcy assistance
Tackling Your Money Problems Head-On.
(To see more informative articles, check out our Resource Centre)

1) Identify the problem.

If you're missing payments, figure out why. Did you lose your job and can't afford to make payments anymore? Are your debt payments getting too high for you to handle? Or do you have a shopping habit that's starting to get out of hand? Being honest with yourself about why you're having trouble is the first step in taking control.

2) Act now.

When it comes to financial problems, the sooner you act, the better. Contact your creditors as soon as possible. This is the part we all dread. Keep in mind, however, that most creditors look favorably on people who take the initiative to try and resolve their problems. They are more willing to help when you show that you take your financial obligations seriously.

3) Find out what your options are.

There are probably more options available to you than you think. Ask your creditors if they offer any type of help for people going through financial hardship. Some companies will allow you to postpone a payment or two, set up a payment plan, lower your payments based on your income, or even defer payments.

4) Consider professional help.

If you’ve contacted your creditors, made a plan, reworked your budget, and are still coming up short, consider seeking the help of the licensed financial restructering professionals at Bromwich & Smith. During your first consultation (which is free), we will review your finances and let you know what your options are. This could be helping you redo your budget or possibly a consumer proposal that settles your debts for less than what you owe.

When money problems become overwhelming, it’s easy to ignore them. But the best thing you can do is take control and face them head-on. No matter how serious your money problems are, there is always a way out.

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Debt Problems? Real Solutions In Stony Plain - Please Call for Your Free Consultation

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