What to do if you owe money but don't want to declare bankruptcy?

"The first step," says David Wood, a partner with Boale Wood & Company Ltd., "is to call a Licensed Insolvency Trustee (LIT). The earlier you call us, the more tools we have to help."

Boale Wood & Company Ltd.has been helping people find solutions to debt problems since 2004. The firm is licensed by the Office of the Superintendent of Bankruptcy and operates full-time offices in Vancouver, Surrey, and Coquitlam and provides services on the Sunshine Coast and in the Yukon Territory

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"The process for seeing us is quite simple," David explains. "Typically a potential client will call and we'll chat on the phone for a few minutes and arrange a convenient time to meet. In the initial interview, I give them some advice and a form to fill out. Usually, they're back to see me within the week with all the necessary documents."

That initial one-hour interview with any of the professionals at Boale, Wood & Company Ltd. is free of charge.

With statistics showing that more Canadians are living paycheck to paycheck—and with savings at an all-time low—credit card debt and other financial problems are on the rise.

"Bankruptcy is just one option," David says. "Depending on the debt load, a consumer proposal may be appropriate."

A consumer proposal involves suggesting a compromise to your creditors.

"This is usually a cents-on-the-dollar agreement," David says. "You may be able to offer a compromise on the whole of the outstanding amount, or you may want to just extend the time you have to pay."

Once Boale Wood files a consumer proposal, unwanted calls from creditors and collection agencies must stop, no one can garnishee your bank account – including the government – and any legal action started or contemplated is put on hold.

"Once a debtor files a consumer proposal or declares bankruptcy, all those actions must stop by law," David says. "The key is to contact us sooner rather than later. The earlier you call, the earlier we can help you. We're professional insolvency advisors who can recognize issues that might affect your situation. We can let you know your options so you can make an informed decision."

For more information on Boale Wood & Company Ltd. or consumer proposals call 604.605.3335, check out their website or send an email. Boale Wood & Company Ltd. can also be found on Facebook and Twitter.

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