Western Canada

1-888-401-8984

Eastern Canada

1-866-790-8984

Schedule Appointment

BSCC Helps Lower Your

Financial Stress

Book Appointment

BSCC Helps Reduce

Your Debt

Book Appointment

We Provide Cost-free Initial Consultation With No Obligation

Western Canada

1-888-401-8984

Eastern Canada

1-866-790-8984

What is Bankruptcy?

Bankruptcy is a legal process that helps individuals who are unable to pay their debts. In Canada, if you owe at least $1,000, reside or have assets in Canada and are insolvent (you can no longer pay your debts), you may file for bankruptcy. When you file bankruptcy in Canada, you assign non-essential assets and surplus income to your creditors in exchange for which your debts are released

You can also make a formal offer to creditors to settle debts under conditions other than the original terms by making a consumer proposal.

If you are considering filing for bankruptcy in Canada, you must go through a Licensed Insolvency Trustee (LIT). LITs are licensed and regulated by the Office of the Superintendent of Bankruptcy (OSB) to help Canadians get out of debt. They can help you file for bankruptcy or submit a Consumer Proposal to your creditors. LITs perform a legal role in bankruptcy filing. They are federally regulated professionals. They are the only professionals authorized to administer government-regulated insolvency proceedings that allow you to be discharged from your debt, such as consumer proposals and bankruptcies. Building back your credit worthiness and better managing your financial situation, are all areas where LITs do not involve themselves, and this is where organizations like ours can provide support and assistance. 

Contact us to learn more about what is involved in this process. We provide COST-FREE, NO OBLIGATION initial consultations to understand your individual situation. Only by learning about your specific circumstances are we in a position to suggest necessary steps and solutions.

FAQs

What Can I Do To Start The Process?

First, contact BSCC. Once you contact our office, we will assess your ability to deal with your debts and recommend the most appropriate course of action based on your financial ability and unique situation. If you’re not ready to contact BSCC, we recommend calling each and every creditor, explaining to them why you’re unable to make payments on-time and suggesting an arrangement that works for both parties. You might be surprised to find many creditors are more than willing to cooperate with you.

What Are The Benefits of Working With BSCC?
Our Debt Management Program is focused on assisting you in regaining control of your finances, creating a household budget, and consolidating your debt into one monthly payment. BSCC has established a relationship with creditors that allow us to offer you specific program benefits as determined by each individual creditor. Most creditors do provide program benefits, which may include lower interest rates, stopping late and over-limit fees, and updating delinquent accounts to reflect the current status.
Is My Information Kept Confidiential?
Yes. BSCC’s privacy policy pledges that client information will be strictly safeguarded and stored in a safe manner at our office. We maintain physical, electronic and procedural safeguards that comply with regulations to guard your nonpublic personal information and will not disclose information to anyone except those persons authorized by you.
Will Creditors Stop Harrasing Me?
Yes! By law, all collections activity including phone calls and other correspondence must cease the moment documents are filed. While this doesn’t apply to all secured creditors such as bank-funded mortgages, liens or car loans, BSCC can show you the most favourable resolutions available based on your individual circumstances.
What Kinds of Debt Can Be Consolidated?
Our debt management program can help you with unsecured debts such as credit cards, department store cards, signature loans, and many different kinds of collection accounts.
When Will My Interest Rates Start to Go Down?
Many creditors will lower the interest rate immediately upon acceptance of a Debt Management Proposal. Others may wait for a predetermined number of consecutive program payments to post on your account before lowering the interest rate.
Is This Program Similar to Bankruptcy?
No. Bankruptcy is a negative remark that stays on a consumer’s credit report for 6 years and negatively affects creditworthiness, whereas a neutral Credit Counseling notation is removed once someone completes the program. Through a Debt Management Plan, many creditors will report your account as current once your proposal is accepted and there is consistent payment history, thus improving your credit rating.