Mr. Lelièvre Meets a Bankruptcy Trustee

Having debt problems is a constant burden on the shoulders of those living with them. Here is the case of Mr. Lelièvre (fictitious name used to preserve his anonymity). Facing severe financial stress, Mr. Lelièvre turned to M. Roy & Associés for help to overcome this difficult period and start anew.

Mr. Lelièvre’s First Consultation With M. Roy & Associés

Faced with a difficult financial situation, Mr. Lelièvre was looking for a solution to his precarious financial state. He made an appointment with M. Roy & Associés, licensed insolvency trustees (LIT), for advice and support.

During his first meeting with M. Roy & Associés, Mr. Lelièvre had the opportunity to discuss all his concerns. His LIT also analyzed his personal finances. He drew up an overview of the situation and provided him with sound advice on debt management.

The team at M. Roy & Associés offers complete support to their clients. That is why, once he was done with the analysis, the trustee presented Mr. Lelièvre with all the debt relief options available to him.

Financial Restructuring

Financial restructuring allows the debtor to regain control of their finances without resorting to a consumer proposal or bankruptcy. This approach offers individuals with a limited number of creditors a way to resolve their debts confidentially. If Mr. Lelièvre opts for this solution, his trustee will help him elaborate a detailed, personalized financial recovery plan. This plan will include a precise budget to help him regain control of his finances.

Consumer Proposal

The consumer proposal is a solution regulated by the federal government. It offers an individual the possibility to negotiate an instalment plan to repay a portion of his or her qualified debt. This option serves as an alternative to bankruptcy and is often perceived as less drastic. Moreover, it provides protection against legal actions as soon as it is filed.

Personal Bankruptcy

Bankruptcy is a federally regulated last resort solution governed by the Bankruptcy and Insolvency Act. While it offers a fresh financial start by freeing a person from most of his or her debts, one should not overlook its consequences. Particularly in view of its impact on a credit rating.

If you are facing major financial problems, we strongly recommend that you consult a professional. The title of licensed insolvency trustee (formerly known as bankruptcy trustee) carries a heavy responsibility and is subject to a strict code of ethics. In fact, trustees are the only professionals authorized to file proceedings with the Office of the Superintendent of Bankruptcy, and legally qualified to intervene in insolvency situations.

Mr. Lelièvre’s Decision and the Ensuing Results

Whichever path Mr. Lelièvre chooses, whether debt consolidation, consumer proposal or other, his decision will have a significant impact on his future. Some will be positive, and others will require immediate adjustments. However, this one debt consultation will help to free him from the burden of his debts and allow him to make a fresh financial start.