What To Expect From Your Initial Consultation
During your in-depth phone consultation, a Bromwich+Smith Debt Relief Specialist will take a detailed look at your financial situation with you. All debt relief options will be discussed to ensure you have the information you need to make an informed decision on which option is best for your situation. If a Consumer Proposal or Bankruptcy is recommended as your best option and you decide to proceed, an in-office appointment will be scheduled to enable you to sign the documents required to start the process.
What Information Should I Have Ready For Our Initial Consultation?
- Do you have any prior insolvencies?
- Do you have a garnishee or are any creditors threatening you with a garnishee?
- What is the total amount of unsecured debt and what is it comprised of? (ie. credit cards, payday loan, tax debt?)
- Do you own any assets, (eg. house, car, etc.) and what is the value and the balance owing, if any?
- What is your marital status and family size?
- Do you have any Registered Savings plans? (eg. RESP, RRSP, Pensions)?
- Income sources, and amount, if any?
Debt Relief Starts Today
Once a Bankruptcy or Consumer Proposal is submitted, relief is immediate. Starting right now, all creditor actions must stop. No more collection calls. Garnished wages and active legal actions will come to an end, and any frozen bank accounts are released. You are now on the road to rebuilding your worth. Bromwich+Smith is here to take the journey with you.
Debt Relief Options
At Bromwich+Smith it is our policy to explain all of the debt relief options to you to allow you to make an informed decision. We will guide you through each process and explain the pros and cons in detail to you.
A powerful alternative to bankruptcy, a Consumer Proposal stops all creditor actions and usually requires payment of only a % of original amount owed. No interest. One monthly payment for up to 5 years. Plus, a Consumer Proposal allows you to keep your assets.
To learn more about a Consumer Proposal, please watch this short and informative video.
Although always the last option after all other options are explored, filing bankruptcy can still be the best option for specific financial situations. There are a number of exemptions available with a bankruptcy as well, allowing you to keep a portion of your home equity, a vehicle up to a certain value, your pensions and other registered savings plans and other exemptions. We'll give you the details you need to determine if declaring bankruptcy is best for you.To learn more about bankruptcy, please watch this short and informative video.
Do It Yourself - Contact Your Creditors
You contact your creditors directly, explain your difficulties and ask for some kind of temporary arrangement. Usually most successful when you haven't missed any payments and you have the ability to pay.
Debt Consolidation Loan from a Bank or Other Financial Institute
All debts are paid off by the loan provider and you make one monthly payment to that creditor. Requires repayment of debts in full plus interest, and usually requires a good credit rating to qualify and proof of ability to pay.
Orderly Payment of Debts
Debt Management Plan