Consumer Proposal Victoria - PDSC Trustee Site
Get Started Today!
Our Bankruptcy Trustees are here to help!
Also be sure to check out our FAQ Pages
Compare Your Debt Repayment Options
Understanding Your Debt Situation
- Understanding your Debt Situation
First, you must recognize that you are having financial problems, and you feel that you can’t work them out on your own.
Each individual situation is different, but the following signs are typical of money problems that warn you to take action:
- You have failed to make one or more payments on a mortgage or loan.
- Your credit cards are constantly at their limit.
- You are paying bills by taking credit card cash advances.
- Your creditors have passed your account to collection agencies, who are now calling you.
- You have received notice of legal action against you to collect money you owe.
If you are feeling the pressure from debt, your first step is to make a commitment to explore your debt relief options.
- Select a Bankruptcy Trustee to Help You Understand Canada's Debt Regulations
Bankruptcy Trustees are the only people licensed by the Canadian Superintendent of Bankruptcy to administer consumer proposals and bankruptcies. In order to declare bankruptcy or file a consumer proposal you must work with a Bankruptcy Trustee.
Your trustee will provide information about consumer proposals, the personal bankruptcy processes, and other debt relief options. Also, during the bankruptcy or proposal process your trustee will ensure your rights are respected.
When selecting your trustee, you should keep the following in mind:
- Your trustee should be local or at least easy to access.
- You should feel comfortable with your trustee. Ask them questions about your situation and make sure you understand their answers.
- Confirm they are licensed by the Superintendent of Bankruptcy (all trustees listed at Bankruptcy-Canada.ca are fully licensed).
- Meet with Your Trustee to Review Your Options
Now that you’ve selected your trustee you should contact them and schedule a free initial consultation. You will be asked to bring some specific details of your financial situation, including your income and expenses, assets and debts. At your first meeting, your trustee will review your financial details, and outline the alternatives to bankruptcy that could be chosen in your case, ranging from debt consolidation through consumer proposals and including the bankruptcy process. Your trustee will provide you with information and advice on each which is best for you but the decision will remain in your hands and you will have as much time as you need.
Personal Bankruptcy (1)
Consumer Proposals (4)
Debtor / Creditor Rights (2)
Credit Counselling (1)
Debt Management (2)
Repair Your Credit (1)
Bankruptcy Alternatives (2)
Money Saving Tips (2)
Money Management (2)
Legislative Changes (1)
Bankruptcy Trustee (2)