Get the debt help you need to find the best way forward.

Financial wellness is within your grasp.

When facing financial challenges, many fear that they will have to declare personal bankruptcy. While bankruptcy might be the most appropriate solution in some circumstances, there are other options that might work well for you.

We begin by meeting with you to assess your situation and the challenges that you face. Then, depending on your assets, debts and income, we can recommend the path that is best suited for you, and the fastest way to achieve your goal of financial wellness.

Debt Solutions: Understanding your options.

Generally speaking there are three options that can be explored:

For more information about the option that is right for you contact us today. We can help you find the best way forward.


Debt solutions at a glance

Credit Counselling

Debt Consolidation Loan

  • Can be arranged by anyone claiming to be a ‘credit counsellor.’ No special training or licensing is required.
  • Credit counsellors’ actions are not regulated or standardized.
  • Offers no protection from creditors.
  • Participation by creditors is voluntary.
  • Interest continues to accrue, although often at a reduced rate.
  • Debt must be paid in full.
  • Fees are set by the individual credit counselling firm without control.
  • May need to put up collateral such as property, your home, mortgage or investments.
  • A co-signor might be necessary.
  • Debts that may be consolidated can vary between banks and agencies.
  • Interest on the loan may not be lower than the rates you were paying before.
  • If one lender’s rates are too high then look for another – do not check too many places because that can impact your credit rating.

Consumer Proposals


  • Filed through an administrator of consumer proposals who is highly trained and licensed by the government to administer debt proposals.
  • Secured creditors must be paid.
  • Trustees are bound by a strict code of conduct under the Bankruptcy and Insolvency Act.
  • Legally protects you from your creditors.
  • Stops interest upon filing.
  • Total amount of the debt can be reduced in a proposal to creditors.
  • Fees are federally regulated.
  • Protected from unsecured creditors.
  • First-time bankrupt may be automatically discharged nine months after filing.
  • Depending upon your income you may have to make a monthly payment to the trustee called ‘surplus income’.
  • Certain debts cannot be cancelled by bankruptcy - family maintenance debts, student loans received less than seven years before bankruptcy, and debts resulting from fraud.
  • Bankruptcy will be recorded on your credit bureau report for a period of time following your discharge.
  • Will affect your credit rating.
  • Student loans must be repaid if the bankruptcy occurs within seven years of being a fulltime student. 


Top of page

Call Centre


With a PwC Debt Solutions team member. 

Free and anonymous.
9am – 5pm Mon – Fri


© 2011-2015 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see for further details.