If you are unable to resolve your financial troubles through any combination of formal and informal steps, you may decide to consider personal bankruptcy. Bankruptcy is a formal procedure governed by the Bankruptcy and Insolvency Act.
A consumer proposal is a formal, legally binding process that is administered by a Licensed Insolvency Trustee. In this process, the trustee will work with you providing expert consumer debt help to develop a “proposal”: an offer to pay creditors
LITs are federally regulated professionals who provide advice and services to individuals and businesses with debt problems. LIT s help people make informed choices to deal with their financial difficulties.