Debt has an end date. Let us find yours.

Three government-regulated paths out: a consumer proposal, bankruptcy, or Orderly Payment of Debts. We help you choose.

Book a Free Consultation See Your Options
  • Government-regulated solutions
  • Licensed Insolvency Trustee coordination
  • Free 30-minute consultation
Your options

Three regulated ways out

Each one is set out in federal law and each suits a different situation. The right choice depends on your income, your assets and where you live.

Consumer proposal

Settle your unsecured debts by repaying only a portion of what you owe, over up to five years.

What sets it apart You usually keep your home, vehicle and savings, and payments stay fixed even if your income rises.

How a proposal works

Bankruptcy

Eliminates most unsecured debts when you can no longer pay them as they come due.

What sets it apart The shortest route out. A first-time filing with no surplus income can be discharged in about nine months.

How bankruptcy works

Orderly Payment of Debts

Consolidates your unsecured debts into one monthly payment at a fixed low interest rate, often around 5%.

What sets it apart You repay in full, so the credit impact is lighter. Available in four provinces only.

How OPD works

The numbers that matter most

Up to 80%
of what you owe can be written off in a consumer proposal, depending on your situation
45 days
for your creditors to accept or decline once the trustee files
3
government-regulated paths, so there is more than one way through
5 years
maximum proposal term, with no penalty for paying it off early

These figures describe how the programs generally work and are not a prediction of your result. Settlement amounts in a consumer proposal commonly land between 30% and 70% of what is owed, depending on your circumstances and what your creditors will accept. Creditors vote on every proposal, so outcomes vary. Only a Licensed Insolvency Trustee can assess your eligibility and file on your behalf.

The process

What actually happens, step by step

You will always know what comes next. Here is the shape of it, from the first call to discharge.

  1. 01

    A free 30-minute consultation

    We review your income, debts, assets and budget over Zoom, then tell you plainly which options are realistic. If a less drastic route can solve this, we will say so.

  2. 02

    We design the plan around your budget

    Together we work out what you can genuinely afford each month, and model different settlement amounts so you can see how each one affects your cash flow before anything is filed.

  3. 03

    A Licensed Insolvency Trustee files it

    Only an LIT can file. Filing triggers a legal stay of proceedings, which stops most collection calls, lawsuits and wage garnishments. Your creditors then have 45 days to accept or decline.

  4. 04

    Fixed payments and two counselling sessions

    You make one predictable monthly payment with no interest on the included debts, and complete two financial-counselling sessions covering budgeting and credit.

  5. 05

    Discharge, and a plan for afterwards

    When the final payment is made, the remaining included unsecured debt is legally discharged. We stay on to help you rebuild credit and redirect that payment into savings.

At a glance

The three options differ most in what happens to your debt, what you keep, and how long it takes.

At a glance
What to compare Consumer proposal Bankruptcy Orderly Payment of Debts
Your debt Repay a portion of what you owe, commonly 30% to 70%. The remainder is discharged at the end. Most unsecured debts are eliminated at discharge. Repaid in full, but at a fixed low interest rate instead of credit-card rates.
Your assets Usually kept, including home equity and vehicle, as long as secured loans stay current. Non-exempt assets may be surrendered. Essentials are often protected under provincial exemption rules. Generally kept, as long as you keep paying any secured loans.
How long Up to five years, with no penalty for paying it off early. A first-time bankruptcy with no surplus income can be discharged in about nine months. Usually three to five years.
Compare all the details

This table is general information, not advice about your situation. Only a Licensed Insolvency Trustee can assess eligibility and file.

What it costs

Stated plainly, because a surprise fee is the last thing you need. The first consultation is free.

The upfront fee can be paid in monthly instalments or by credit card. The monthly filing fee begins once signatures are in place and continues until the debt is cleared.

Trustee fees in an insolvency filing are set under federal guidelines and are explained to you in writing before you sign anything.

Book a Free Consultation
$1500 Upfront

Your full assessment, the plan built around your budget, document preparation, and coordination with the Licensed Insolvency Trustee. Payable in monthly instalments or by credit card.

$20/month Filing fee

The ongoing filing fee, starting once signatures are made and continuing until your debt is paid off.

Hands reviewing paperwork at a kitchen table

You will not be judged here

People arrive at their lowest expecting a lecture. What they need is a plan, and someone who will sit with them while they work it.

Abigail Danyk Wizdom Financial

Abigail Danyk works with people through some of the hardest seasons of their lives, whether that is overwhelming debt, a sudden loss of income, or a major life transition. Her approach is calm and non-judgmental, so clients feel heard and understood rather than assessed.

Wizdom Financial blends practical planning with compassionate guidance, giving you clear step-by-step strategies rather than a one-size-fits-all solution.

More about the firm

Questions people ask first

In a consumer proposal you generally keep your assets, including home equity and your vehicle, as long as you stay current on secured loans such as your mortgage or car loan. In a bankruptcy, non-exempt assets may have to be surrendered, though essentials like basic household goods and a modest vehicle are often protected under your province's exemption rules. Under an Orderly Payment of Debts you generally keep your assets as well.

Yes. Once a proposal or bankruptcy is filed, a legal stay of proceedings takes effect and most collection calls, lawsuits and wage garnishments must stop. An OPD consolidation order has a similar protective effect once it is granted.

In a consumer proposal, settlements commonly land between 30% and 70% of what you owe, depending on your circumstances and what your creditors will accept. Your creditors vote on the proposal, so no one can promise a specific figure in advance. We model several scenarios with you before anything is filed, so you can see the realistic range.

No, and neither can anyone other than a Licensed Insolvency Trustee. In Canada only an LIT is legally authorised to file a consumer proposal or a bankruptcy. Wizdom Financial assesses your options, builds the plan around your real budget, prepares your documents, connects you with a reputable trustee, and stays with you through the process and after discharge.

Unsecured debts such as credit cards, lines of credit, personal loans, bank loans, payday loans and amounts owed to the Canada Revenue Agency can generally be addressed. Secured debts like mortgages and car loans are not included, and you keep paying those separately in order to keep the asset.

The first appointment is a 30-minute Zoom call. The second runs about an hour and a half, in person, with the trustee attending by Zoom to review documents and take signatures. After signing, the trustee approaches your creditors and they have 45 days to accept or decline.

Ask us your question

Break up with your debt

Start with a free 30-minute conversation. No obligation, no judgement, and nothing owed before you decide.

Book a Free Consultation

Mon to Fri 8:00am to 8:30pm, and Saturdays