12 - How Bankruptcies and Consumer Proposals Work in Canada
Episode description
With the rising cost of housing, groceries, and fuel many Canadians are watching their debt load increase and are exploring solutions that can eliminate debt. The top 2 insolvency options available to Canadians are filing a Bankruptcy and Consumer Proposal. Both are able to resolve debt problems and provide legal protection from creditors.
In this podcast, Mark Marshall of Allan Marshall & Associates delves into these 2 insolvency options - Bankruptcy and Consumer Proposals. Mark goes through the similarities and the differences between the two. He also explores:
- The steps involved in filing a Consumer Proposal or Bankruptcy
- What is a Stay of Proceedings and how it stops all collection activities
- How your credit rating is affected
- What happens in an initial consultation with a Licensed Insolvency Trustee
Licensed Insolvency Trustees are governed by the Federal Government through Industry Canada. They are licensed to provide financial advice and bound by the court. They are, in fact, officers of the Courts and the only professionals that can file Consumer Proposals and Bankruptcies.
About Mark Marshall
Mark Marshall has been working in the insolvency field for 20 years. He received his Licensed Insolvency Trustee accreditation in 2012 and has also been an active board member with Music NB. He endeavors to give each client he meets advice on all of their available options so they can proceed with the knowledge they need to make an informed decision.
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