Services
We are licensed by the federal government. We administer consumer proposals, corporate proposals, and bankruptcies. All of these options provide the debtor with immediate protection from their creditors under the law and allow you to get a fresh start.
A consumer proposal is a legal way to settle your debts under $250,000 by freezing interest and paying a portion of your debts (25 to 35 per cent) usually over a period of three to five years.
A bankruptcy is a legal process that wipes out all of your eligible debts, usually within nine months.
A Division 1 Proposal is a legal way to settle corporate debts and/or personal debts over $75,000. You will be able to repay a portion of your debts and we will help you negotiate a settlement with your creditors, including Canada Revenue Agency.
Credit Counselling and Proposal to Creditors
This service allows you to let your creditors know that you are able to pay some, but not all, of your debts.
The portion of the debt that you would re-pay is based on your family income and financial obligations. With the help of a Trustee, you would prepare an offer to your creditors, and if the required majority accepts the proposal, it is binding on all of your creditors. This service generally allows you to settle your debt for a lower amount and without interest charges.
Declaration of Bankruptcy
This action can be taken when you are not in a position to repay a reasonable amount of your debt.
The process relieves you of most debts, and legal proceedings by creditors generally stop.
A first bankruptcy can be completed in 9 months. Payments to the Trustee/CIRP are based on your family income and the process would be explained to you during your FREE initial consultation with the Trustee/CIRP. Most of your personal assets are exempt from seizure, but a maximum value for is established for each type of asset. The amount you pay back is governed by the Act, and is based upon your unique situation.
- Insolvency Consulting - Assess your individual situation and explore your different options for becoming debt free.
- Proposals to Creditors - Negotiate a settlement offer with your creditors, freezing interest and paying back a portion of your debt by making a lump sum payment or monthly payments over time.
- Personal Bankruptcy - A last resort for debtors that are unable to make any other settlement arrangements with their creditors. It is a legal process regulated by the Bankruptcy and Insolvency Act.
- Financial Counselling - Work with you to uncover the underlying cause of your financial difficulties. Make recommendations to develop successful strategies for achieving financial goals and overcoming setbacks.
- Corporate Bankruptcy - With the cooperation of the directors, the trustee liquidates the company’s assets and collects any debts owed to the company. The trustee would also deal with all of the corporate creditors.
- Receiver-Manager - Appointment by a person who holds a debenture or other security agreement, giving that person authority to take possession of and sell the asset(s) specified in the debenture. The Receiver-Manager can manage or operate the company.
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Whether it is a consumer proposal or bankruptcy, SmytheRatcliffe Debt Advisors will help you move past this difficult time, rebuild your credit and get you on the road to financial freedom.
Contact us today to set up a free consultation and start getting your life back on track.