Debt Counselling in Vancouver & Victoria BC
Debt counselling is mandatory in Canada if you are going through the bankruptcy or consumer proposal process. It can be a highly effective tool for evaluating your habits and taking care of your financial future. A debt counselling professional will give you customized strategies and budgets for the specific financial circumstances you are in. He or she will create a practical plan for long-term success for you after assessing your income and expenses. If you require debt counselling in Vancouver, turn to Abakhan & Associates. Our Licensed Insolvency Trustee (LIT) can help you figure out the best options for handling your debt.
The Office of the Superintendent of Bankruptcy of Canada issued a directive outlining the debt counselling requirements for bankrupts and consumer debtors in 2009. Those requirements are detailed here below:
First Stage of Credit or Debt Counselling
In the first stage, a qualified counsellor must be enlisted to provide information to the bankrupt or consumer debtor, with advice in the following areas:
- money management;
- spending and shopping habits;
- warning signs of financial difficulties; and
- obtaining and using credit.
This may be done individually or in a group session.
Second Stage of Credit or Debt Counselling
In the second stage, the counsellor will assist the bankrupt or consumer debtor in identifying both the budgetary and non-budgetary reasons and factors attributable to his or her current financial status. Abakhan & Associates is well equipped to handle this stage of debt counselling in Victoria, BC, the Lower Mainland and the Okanagan.
A review of budgetary items includes reviewing your own application of the principles reviewed at the first stage of counselling, and identifying your individual strengths, weakness, and areas for improvement in relation to those habits.
A review of non-budgetary items includes identifying major setbacks such as employment difficulty, unexpected housing repairs, marital or family difficulties, health issues, gambling, substance abuse, being a shopaholic, or other personal insecurities, including being heavily caught up with the latest trends and over-giving to family, friends or charities. These issues or some combination of them, combined with your basic living costs, may have contributed to your financial situation.
After reviewing both budgetary and non-budgetary concerns, the counsellor will assist in preparing a financial plan with the bankrupt/consumer debtor, and providing recommendations and referrals with respect to specialized counselling in relation to non-budgetary areas of difficulty.
Consider Your Options with Debt Counselling in Vernon & the Okanagan
There are several options available to you once you receive debt counselling in Vernon or at any of our offices in British Columbia. A Licensed Insolvency Trustee (LIT) at Abakhan & Associates will consider your assets and liabilities, and aid you in figuring out the best decision to make for your financial future. The LIT will assess if you have alternatives to bankruptcy, such as a consumer proposal, which is an agreement reached with your creditors to pay a certain percentage of the debt owed, and/or to extend the time to pay back your debts.
Ease Your Burden with Debt Counselling in Victoria, BC, Vancouver & Beyond
While the process of declaring bankruptcy or applying for a consumer proposal can be stressful, the decision to do so will provide you with the blank slate necessary to make a fresh start financially. The added benefit of the debt or credit counselling you will receive in the process may help you tremendously.
Professional Guidance is available from Abakhan & Associates Inc. starting with a free and confidential consultation about your financial situation in Vancouver, Victoria, Vernon, Surrey, or Prince George. Call us at 1-877-308-8877.