Debt Relief Program & Consumer Proposals in Alberta
If you feel overwhelmed by debt in Alberta, know that you’re not alone. Our team of Licensed Insolvency Trustees are ready to help you get back on your feet and find your way to financial independence with a consumer proposal.
Safe, secure & confidential
Debt Relief Services in Alberta
Alberta has the highest rate of consumer debt in Canada, so if you find yourself struggling to pay your debts, then you need to speak to our Licensed Insolvency Trustee experts at Harris & Partners.
Harris & Partners are a specialist Licensed Insolvency Trustee with offices based across Canada, and we can help provide different debt relief solutions to individuals and businesses struggling to manage their debt.
If you’re enduring a difficult financial situation and are considering going through the bankruptcy or consumer proposal process, contact us today for a free consultation with one of our licensed insolvency trustees and we’ll help you to find debt solutions in Alberta and build a stronger financial future.
Debt consolidation in Alberta
If you’re in Alberta and finding it hard to manage multiple debts, a debt consolidation loan might seem like a good idea. It can lower your interest rates and make your payments easier, but it’s not always the best choice.
A consumer proposal could be a better solution. It can reduce the amount you owe, offer interest-free payments, and protect you from your creditors. It’s a simpler, less stressful way to get your debt under control.
For a free consultation on the best solution for you, give us a call today. We’re here to help you find a clear path to a debt-free future.
Licensed insolvency trustee in Alberta?
Do you have questions about how to manage overwhelming debts? Are you unsure about finding a solution to your debt issues? Our Licensed Insolvency Trustees (LITs) are here to help with all types of debt restructuring, including bankruptcy and consumer proposals in Alberta. We also specialize in providing debt relief solutions and advising on how to negotiate with your creditors.
If you’re feeling burdened by payments, seek debt help today by contacting the Licensed Insolvency Trustees at Harris & Partners in Alberta. Talk to our knowledgeable team, dedicated to helping you with your financial challenges, and guiding you towards a better financial future.
How does a consumer proposal work in Alberta?
A consumer proposal is a legally binding process where an agreement is made with creditors to negotiate a more manageable form of debt repayment for you.
Your repayment amount will be based on your own unique circumstances and your payments will be spread over a period of five years. This helps to reduce the amount that you owe without the need to surrender your assets to pay your debts.
If you’re based in Alberta and want to file a consumer proposal then you need to work with an insolvency trustee as they legally act on your behalf to set up the agreement and then execute the monthly payments. To book a free appointment with a Harris & Partners trustee, click the link below and let’s get you started on the road to financial stability once more.
Debt help in Alberta - It’s a simple process
Tell us about your debt and the challenges you are facing. We are here to provide a listening ear, offering you a safe space to share your financial journey. To offer you the best solution, we need to know the full picture, this includes information on your income, debt, expenses and who you owe money to. Our consultations are confidential and free!
Once we fully understand your specific situation, we can start making a plan. We’ll explore your debt solution options, only committing to things you are comfortable with. This way, we can tailor our services to you for the best possible outcome.
After going through all the options available to you, we can put our plan into action together. Your financial well-being remains our top priority, and we will provide unwavering support and guidance throughout this process.
Consumer Proposals: A Better Alternative to a Debt Consolidation Loan
Are you struggling with multiple debts and considering a debt consolidation loan? A consumer proposal might be a better solution for you. Unlike traditional debt consolidation, which combines your debts into a single loan without reducing the total amount owed, a consumer proposal can be far more manageable in the long run.
A consumer proposal is a legally binding agreement managed by a Licensed Insolvency Trustee (LIT). It allows you to repay only a portion of your unsecured debts over a period of up to five years. This means you can reduce your overall debts, and start working towards a better financial position.
Key benefits of a consumer proposal include:
- Debt Reduction: Pay back an agreed proportion of what you owe, unlike a consolidation loan where the full amount is due.
- Legal Protection: Once filed, a consumer proposal protects against creditor actions, giving you peace of mind.
- No Interest: Payments are interest-free, making it easier to manage your finances.
- Single Monthly Payment: Simplify your debt management with one affordable monthly payment.
Consumer proposals can be a more effective and less stressful way to regain control of your finances compared to a traditional debt consolidation loan.
Harris & Partners: Alberta office
With our Licenced Insolvency Trustees in Alberta, you don’t have to struggle with debt alone. Take a look below and reach out to our team today.
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Jay T. HarrisFCPA, CIRP, LITLicensed Insolvency Trustee -
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Kyle HarrisLL.B., CIRP, LITLicensed Insolvency Trustee -
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Adam FisherCPA, CIRP, LITLicensed Insolvency Trustee -
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Joshua HarrisBCOMM., MIB, CIRP, LITLicensed Insolvency Trustee -
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David AdamsLicensed Insolvency Trustee -
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Doug LoiselleLicensed Insolvency Trustee -
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Robert McLernonBComm, CIRP, LITLicensed Insolvency Trustee -
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Shelley KoehliLicensed Insolvency Trustee -
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Jill StruebyLicensed Insolvency Trustee
Our debt management solutions in Alberta
We understand how overwhelming debt can become. But the good news is that you have options available for dealing with your debt in Alberta:
Example Savings Calculator With Harris & Partners Debt Relief
Your Potential Debts:
Your monthly repayments over a 60-month period would be
Before Help
$1409
After Help
$210
Monthly payments are determined based on individual financial factors
How Much Could I Save?
Why choose us for debt help in Alberta
Our Licensed Insolvency Trustees in Alberta specialize in crafting plans tailored just for you, plans that get things back on track and could reduce your debt by up to 80%.
You can count on our team in Alberta for clear, honest advice, no matter your language. From Farsi and Portuguese to Italian and Tamil, we remove the jargon so you understand everything clearly, every step of the way.
Our dedication to helping you doesn’t stop at Alberta’s borders. With a network spanning nine provinces, we’re always here to help – just give us a call.
Frequently asked questions
What is a Consumer Proposal?
A consumer proposal is a formal, legal debt settlement program available under the Bankruptcy and Insolvency Act. It is a safe, reliable debt relief program that allows you to avoid bankruptcy.
Is a consumer proposal the same as bankruptcy?
A proposal is not bankruptcy, but it does provide the same creditor protection as bankruptcy.
Is a consumer proposal a form of debt consolidation?
A consumer proposal is a form of debt relief that can be considered a type of debt consolidation, but it is not the same as traditional debt consolidation loans.
Debt Consolidation Loan:
This involves taking out a new loan to pay off multiple existing debts, effectively consolidating them into a single loan with a single payment, typically at a lower interest rate. This approach does not reduce the total amount of debt owed but can simplify payments and potentially reduce overall interest costs.
Consumer Proposal:
This does not involve taking out a new loan. Instead, it is a negotiated settlement where creditors agree to accept a reduced amount of the debt owed, payable in manageable monthly instalments, without additional interest.
What are the Pro's and Con's of a consumer proposal?
Advantages of a Consumer Proposal:
- Reduced Debt: You pay back only a portion of what you owe.
- Legal Protection: Protects against creditor actions.
- No Interest: Payments are interest-free.
- Structured Payments: Provides a clear, structured repayment plan.
Disadvantages of a Consumer Proposal:
- Credit Impact: It negatively affects your credit score, though less severely than bankruptcy.
- Public Record: It is a matter of public record.
- Approval Required: Creditors must agree to the proposal terms.
When will my debt become forgiven?
If you have entered into an official debt relief program that includes debt forgiveness, such as a consumer proposal, your debt will be written off as soon as you complete your payment term, which can be anywhere between 1 and 5 years.
What is the difference between insolvency and bankruptcy?
Insolvency is a financial state where a person cannot meet debt payments on time. Bankruptcy is a legal process that happens when the individual declares he or she can no longer pay back his or her debts to creditors.
How can I find out more?
If you want to find out more about bankruptcy exemptions and consumer proposals in Alberta, please contact your local Licensed Insolvency Trustee for further information.
Alberta bankruptcy exemptions
In Alberta, some of your assets may be exempt from seizure during bankruptcy proceedings depending on how much equity is in them. Exemptions include:
- Enough food to last for a period of 12 months.
- Clothing valued at up to $4,000.
- Household furnishings and appliances valued at up to $4,000.
- One motor vehicle valued up to $5,000.
- Personal property that is used to earn income valued at up to $10,000.
- All medical and dental aids.
- Your principal residence if it is less than $40,000. For co-homeowners, this amount can be reduced depending on how much you own of the home.
- RRSPs, RESPs and pensions.
- Some life insurance policies.
- Farmers: Up to 160 acres of land, plus any equipment needed for the next 12 months.
It's never too late to obtain debt help. Book your free consultation today
- Phone number
- 800-268-8093
- hello@harrispartners.ca
Contact form
Debt Relief in Alberta & Across Canada: Local Expertise, National Reach
We work across nine different provinces, so even if you’re outside Alberta, you can count on our support.