Debt Solutions- What options do I have?

Debt Solutions- What options do I have?

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By Bromwich+Smith Staff | 847 words | Reading Time: 4 minutes and 14 seconds| Date: 2023/01/06

We want to make 2023 the year of financial freedom, and we hope to empower you with the knowledge you need to make the choices that are best for you. To know what options will be available, you must first understand your financial situation. That includes having a clear picture of all your assets, where your income comes from, what expenses you have and which- if any of those expenses are negotiable. Consider checking out a debt assessment  Once you have an idea of your financial picture, we can explore what debt relief programs are available to you.

Debt Relief Consultation

At Bromwich+Smith we understand the fear and stress you feel while you are experiencing debt. During your no obligation consultation we will work with you and review your current financial situation. With the purpose of finding the best debt relief option available to you.

Credit Counseling

Credit counseling can provide you with the resources that you need to take control of your finances and create a light at the end of the tunnel. You will receive the tools to create a budget, manage your debt- and stay out of debt.

Debt Consolidation

Debt consolidation loans will merge all of your creditors into a single loan. However, you will be required to pay back all of the debt including interest payments. For many Canadians with good credit and the assets to secure this loan this is a good option. This option can help those who have the means to pay off the debt but just require a little more time to do so.

Consumer Proposal

A consumer proposal allows you to renegotiate with your creditors to reduce your debt. Imagine being able to pay what you can afford instead of what your creditors are demanding. That’s what a consumer proposal will allow you.  It is important to know that a consumer proposal must be approved by your creditors. At Bromwich+Smith we know how to work with your creditors to ensure that the file is accepted while working in your best interest and offering you the lowest payment they will accept. During a consumer proposal your creditors must stop all action against you this means they are not able to phone you e-mail you garnish your wages or continue active lawsuits.

Some advantages to a consumer proposal:

  • Your debt is settled based on what you can afford.
  • During a consumer proposal your creditors must stop all action against you this means they are not able to phone you, e-mail you, garnish your wages or continue active lawsuits.
  • Your creditors are paid through one monthly payment affording you up to five years to pay off the agreed upon amount.
  • A consumer proposal does not include your assets or possessions .
  • There are no additional fees required from you. Enter.


When you declare bankruptcy, it legally eliminates all creditor actions. They can no longer contact you and all collection activities must stop immediately. We know that bankruptcy has its own stigma attached. There's often stress associated with the thought of declaring bankruptcy. At Bromwich+Smith we acknowledge those feelings, which is why bankruptcy is typically looked at as the last viable option. For many it can be the best option available, and if it is decided this is the best option for your situation, we will work with you directly to ease those fears.

Declaring bankruptcy doesn't need to be a scary or difficult as you might think. If you decide to declare bankruptcy you may need to pay down your current debt.  Although some non exempt items may be sold by your trustee to pay down your debt including luxury items like boats RV's, motorbikes etc, most provinces have generous exemption laws which allow you to keep the equity in your home, vehicle, RRSP's, pensions, most of your household items and tools of trade. Your income required to maintain a standard of living is protected, and as everyone’s situation is different calling a licensed insolvency trustee like Bromwich+Smith is the best way to hear all the details of filing a bankruptcy.

Some advantages to filing bankruptcy

  • Bankruptcy is based on your financial review with a licensed insolvency trustee. Only a licensed insolvency trustee is federally regulated in Canada to help with filing for bankruptcy.
  • For first time Bankruptcies, the process from start to finish can be less than you will gain money management skills through private counseling sessions set up with a Bromwich and Smith financial counselor. nine months.
  • All creditor actions must stop! Just like with a Consumer Proposal, your creditors must stop all action against you this means they are not able to phone you, e-mail you, garnish your wages or continue active lawsuits.

In Canada we have debt relief programs cater to whatever situation you are in. Let's make 2023 the year that you took back control of your financial future.

If you are facing overwhelming debt, remember that you are not alone. Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243, or request a call back at contact us page. 



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