Debt Problems? Real Debt Solutions In Sylvan Lake - Please Call for Your Free Consultation

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Debt Problems? Considering Bankruptcy?
There Are Solutions!

Most people already know the importance of maintaining their physical health, which includes regular checkups with a doctor. Finances are no different. If you're due for a financial checkup, you want to go to a highly trained and licensed professional who specializes in financial structuring. For this, your best choice is a banruptcy trustee.

Why is a licensed insolvency trustee the best choice to AVOID bankruptcy?
Many people assume an licensed insolvency trustee only handles bankruptcies. However, this is simply not true. A trustee is a licensed financial professional who is an expert in personal finances and financial restructuring. So, a trustee can actually be your best option to avoid bankruptcy! A trustee is the only financial professional with the legal authority to offer a Consumer proposal, which is a settlement plan which is legally binding on your creditors. A proposal can be a powerful alternative to bankruptcy. You can learn more about consumer proposals in our resource centre.

How can a trustee help me?
When you meet with a Bromwich & Smith trustee, we will sit down with you and conduct a detailed analysis of your current financial situation. We will look at how much debt you have and to who, and we will compare your monthly income (if any) with your expenses. With this information, we can determine which option will work best for you to eliminate your debts.

Just like your physical health, your financial health can suffer as well. A financial checkup from a bankruptcy trustee at Bromwich & Smith is one of the best things you can do to help you tackle your debt and get back to enjoying life debt free.

Bankruptcy and alternatives in Sylvan Lake 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.




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Sylvan Lake bankruptcy assistance
Most people who are considering bankruptcy do so as a last resort. In many cases bankruptcy can be avoided if you recognize the warning signs and seek help right away. These tips can show you how to avoid bankruptcy. If it can’t be avoided, bankruptcy can actually be very helpful and provides you with a fresh start.

Avoiding Bankruptcy

Taking action at the first sign of financial trouble is one of the best ways to avoid bankruptcy. One of the most common reasons people end up filing for bankruptcy is too much debt.  Debt has a tendency to quickly spiral out of control and can quickly become unmanageable. A few signs you could be headed for financial trouble include:

Accounts in collections
Inability to pay the bills each month
Paying only the minimum amount
Taking out payday or personal loans to cover expenses
Having multiple credit accounts at their limit

Aside from reducing expenses and increasing income, another more formal option to help you avoid bankruptcy is a consumer proposal. This is a legal agreement between you and your creditors that is prepared by your trustee. It allows you to settle your debts for less than you owe and pay them off within a certain period of time, usually around 5 years. With a consumer proposal, you can keep your home and belongings.

When you meet with a Bromwich & Smith credit counsellor to find out how to avoid bankruptcy, you may find that budgeting advice is all you need. However, in some situations, you will learn that bankruptcy is the best solution you can use to get out from under crippling amounts of debt. While this may not be what you wanted to hear, it can actually be very helpful. You’ve taken the first step in repairing your finances and can begin your journey on the path of rebuilding.  Most importantly, you’ll learn that bankruptcy isn’t the end of the world. Instead, it’s a new start.

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Debt Problems? Real Debt Solutions In Sylvan Lake - Please Call for Your Free Consultation

Local Offices Across Alberta. Click Here for Directory

Bromwich & Smith Inc BBB Business Review


One Convenient Number For All Alberta Offices

Call: 1.855.884.9243 (Toll Free)