Services & Options
Personal or Business related financial difficulties are a very common
occurance in our society. It can happen for many reasons and in a variety of
circumstances. We understand this background and we will help you make your
financial life easier.
We will explain the bankruptcy process to you in a way you can understand;
more importantly, we investigate your opportunity to not go bankrupt, but
make a proposal to
your creditors instead.
We will meet with you as often as you wish, and provide you with a booklet
explaining bankruptcy and proposals.
We assist you with the following services:
Financial Debt Counselling
Consumer Proposals
Division 1 Proposals
Bankruptcy
Corporate Bankruptcy/Proposal
Financial Debt Counseling
The Bankruptcy and Insolvency Act requires a debtor to attend two counselling
sessions after filing an Assignment in Bankruptcy or making a Consumer Proposal.
Our staff are Certified Insolvency Counsellors and will assist you in
understanding the causes of your financial difficulty and will provide you
with information that will help avoid a recurrence in the future.
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Consumer Proposal
Individuals who are unable to repay their debts or unable to meet repayment
deadlines, may choose to file a Consumer Proposal. We are licensed by the Office
of the Superintendent of Bankruptcy Canada. We will assess your
current financial situation and assist you in preparing a Consumer Proposal
that will help you manage your debt. We will then administer the Consumer
Proposal from beginning to end.
The Consumer Proposal will stop interest charges, collection actions,
and will be designed to allow you to pay one combined
monthly payment of an amount you can afford. At the completion of the
proposal, any amount still unpaid is legally considered as not owing.
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Division 1 Proposal
If an Individial owes a total of more than $75,000.00 (excluding house
mortgages), they may have an option of making a proposal referred to as a
Division 1 Proposal. We can assist in determining if this is an option
available to you.
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Bankruptcy
As a last resort, you may be able to manage your debt by filing an Assignment
in Bankruptcy. Getting the process started will include:
- Meeting with us to assess your current financial situation;
- Providing us with your completed Application Form; and
- Signing bankruptcy documents which we will file with the Office of the
Superintendent of Bankruptcy Canada.
This process will stop legal actions and collection activities and your
unsecured creditors will not be able to garnish your wages or harass you.
It provides you with an opportunity to be relieved of most, if not all, of your
debts and achieve a fresh financial start. Your creditors and your Trustee
will not take your "exempt
property", including furniture,
personal effects and your car. And, you will be able to use your current
income to pay for your current living expenses.
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Corporate Bankruptcy/Proposal
If you own an incorporated business, we will provide you with consultation
services to determine whether the business is financially viable. If it
is not viable, we assist you detmining the options available for winding up
the business for the benefit of all stakeholders.
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© 2010 Stern Cohen Shier Inc. All rights reserved.
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