Manitoba and Ontario - 1-800-463-8371 - Inside Winnipeg - 1-204-925-6400

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build a brighter future!

We understand the pressures you face and can help. For over 30 years we've helped hundreds of people like you solve their debt problems, stay out of debt and save for a secure and comfortable future.

For a free, confidential consultation give us a call.

We will help you weigh the alternatives and find a solution that works for you.

What is Bankruptcy?

Bankruptcy is a legal process regulated by the Bankruptcy and Insolvency Act by which you may discharge all or most of your debts. The purpose of the Act is to permit the honest but unfortunate debtor to be released from their debts and to get a fresh start.

What is a Proposal?

A Proposal under the Bankruptcy and Insolvency Act is a formal offer from you to your creditors, where you propose to pay part or all of your debt to them over a specific period of time. Unlike a Bankruptcy, where the creditors have no choice as to whether or not you go bankrupt, in a proposal the creditors get to vote for or against the proposal. If they vote for it, you then proceed with fulfilling the terms of your proposal. This is done by making payments in the amount outlined in your proposal, to the Trustee, who distributes the money to the creditors. Once you have fulfilled the terms of the proposal you are discharged of any remaining debt. Proposals vary a great deal, because they are designed on an individual basis to meet the specific needs of each individual debtor. Minimally, a proposal must offer the creditors more money than they would get if you went bankrupt.

What is a Receiver?

A person who has taken possession pursuant to a security agreement of substantially all of the inventory, accounts receivables or the other property of the debtor. "Receiver" also includes a person who has been appointed privately pursuant to a security agreement or by an order of the court for the protection or collection of property that is the subject of diverse claims, usually to seize and sell the property of the debtor.