Services: Options

Personal-Insolvency Services: Options

What Are Your Options?

At Crowe MacKay LLP, we provide a vast array of personal-accounting solutions and financial-planning strategies for your financial situation. When we develop personally catered accounting and financial plans to you and your family to help resolve personal-debt, personal-insolvency and personal-bankruptcy issues, we make a number of expert financial recommendations that often include a variety of the following options (and a financial-planning guide to keep you on track!):

Increase Your Income

To increase your family’s income, you could consider getting a second job or a non-working family member might get a job. You should factor in any related additional expenses such as childcare, transportation and attire. If the second job is during non-traditional working hours it may not be served by public transportation and you will need to consider alternate means of commuting.

Crowe MacKay’s professional personal-insolvency experts have the knowledge and the experience to provide tailored accounting advice to help you augment your personal income set your finances straight during tough fiscal times.

Credit Counselling

Personal accountants from Crowe MacKay LLp can provide you with professional credit counselors who are available to advise you on how to budget your financial expenses and deal with your creditors while you recover from financial difficulties. In most cases they will contact your creditors and attempt to work out a repayment plan that is satisfactory to both you and your financial creditors.

For example, the Credit Counselling Society of British Columbia is a non-profit community organization. Visit them at or call 1-888-527-8999

Consolidation Loan

You may be able to borrow from a bank or loan company to pay off all of your financial creditors with what is known as a personal consolidation loan, which compiles all of your credit-card debts together, leaving you with just one monthly payment.

After you receive a personal consolidation loan to help you recover from personal financial debt, you should refrain from using your credit cards and conduct your life with cash and debit cards only to aide you in taking on further credit debt. You should also shop for the best interest rates on your consolidation loan to help with debt payments.

Financial consolidation loans have their pros and cons; event still, they can sometimes be difficult to get for many people who face financial difficulties. Contact the personal-accounting professionals at Crowe MacKay today for structured and expert advice on whether or not a personal consolidation loan is right for you and what steps you can take to receive one—and pay it off quickly.

Consumer Proposal

A consumer proposal is an arrangement under the Bankruptcy and Insolvency Act whereby you offer to pay your creditors something less than 100 cents on the dollar for your personal financial debts, with no interest payable. Sometimes you can pay as little as 10 or 20 cents on the dollar. If the majority of your creditors agree to your proposal, it becomes binding on all of your creditors. A strong reason for why your creditors might accept something less than 100 cents on the dollar for your personal debts is if your only remaining option would appear to be bankruptcy; in most cases, if an individual were to instead file for bankruptcy, then their financial creditors might only be able to recover even less of the financial debts owed.

A consumer proposal is only available to debtors who owe, exclusive of the mortgage on their principal residence, less than $250,000.

Crowe MacKay LLP can assist you in the process of creating and submitting a consumer proposal within the guidelines set by the Bankruptcy and Insolvency Act. We can ensure that your financial strategizing for a financial consumer proposal is sound and convincing. Contact us for more information.

Ordinary Proposal

An ordinary proposal (referred to simply as a proposal or a commercial proposal) is similar to a consumer proposal but applies to financial debtors, either businesses or individual persons, without any limits as to the amount of money owed. Proposals are often filed by corporations and professionals such as architects, doctors, dentists, accountants and lawyers.

If you are an individual in debt who collectively owes equal to or greater than $250,000, then you can submit an ordinary proposal to help mitigate your financial challenges and help get you out of debt with smart financial planning. With an ordinary financial proposal, you offer to pay your creditors something more than what they would receive if you were to file for bankruptcy, but less than your full amount of debts. This way, your creditors can cut their losses and you can avoid the last resort of bankruptcy, so it’s generally thought of as a win-win for everyone.

The accounting and proposal experts at Crowe MacKay LLP have extensive experience in helping individuals and clients navigate the proposal process to assist you in getting your finances and your debt back in order. See our Commercial Proposals area or contact us directly for more information on this process.


Personal financial bankruptcy is a last-resort remedy but a necessary stage for a lot of people who are facing financial difficulties with debts and insolvency issues. Once you conclude that you are insolvent and cannot do a proposal of any sort to pay-off your debts, then bankruptcy is available to you as a legal status to forgive your debts.

In a bankruptcy, you assign your assets that are in surplus to normal living requirements (income and belongings that exceed what is needed for an individual or family to maintain a reasonable standard of day-to-day living) to the trustee for the benefit of your creditors. If you have no assets that are surplus to your living requirements then you do not give up any assets. Creditors must deal with the trustee, the licensed bankruptcy and insolvency administrator; they no longer deal with you. You are required to pay surplus income to the trustee for the benefit of your creditors. This continues until you receive your discharge from bankruptcy (usually in nine to 21 months but sometimes longer).

We are here to help. Crowe MacKay’s personal-bankruptcy accountants are here to help advise and guide you on this stressful and important time in your financial life. We can serve as your designated trustees during a bankruptcy proceeding or give you financial advice for insolvency- or bankruptcy-related issues. Contact us for more information.


Stay Connected. Sign up to receive our quarterly newsletter, important tax and financial insights, specialized reports and bulletins.

Our Clients Speak