Individual Proposals & Bankruptcy
Respectful Guidance for Managing Debt
Debt can feel overwhelming, but the right advice can make the path forward clearer. Many individuals discover they have more options than they initially expected, and bankruptcy is often not the first solution. Albert Gelman Inc. assists individuals, self-employed professionals, and small business owners across Ontario, Alberta, and British Columbia in understanding their choices and developing a practical plan.
As Licensed Insolvency Trustees, we are federally regulated professionals authorized to file consumer proposals and administer bankruptcies. Your initial conversation with us is confidential, free of charge, and carries no obligation.
Understanding Your Options
We start with a free, judgment-free assessment of your financial situation. We explain the available options in plain language, including how each may affect your assets, credit, and monthly budget, and recommend the next right step for your circumstances. We can also address debts owed to the Canada Revenue Agency, including income tax and HST. Common options include:
- Consumer Proposal or Division 1 Proposal: A legal agreement that allows you to repay a portion of what you owe, usually through affordable monthly payments. It can stop collection calls and interest, protect against garnishment and legal action, and often allows you to keep your assets. For many people, a consumer proposal is a better alternative to bankruptcy.
- Personal Bankruptcy: A legal process that provides relief when debts cannot be resolved through other options. We view bankruptcy as a last resort, considered only after reviewing available alternatives. Provincial exemptions may protect many everyday assets and provide a clear path to a fresh start.
What to Expect
We communicate with creditors on your behalf, so you do not have to manage those conversations alone. Financial counselling is included as part of the process and can help you rebuild afterward. You will work directly with an experienced, licensed professional, not a call centre, and we approach every situation with discretion, respect, and care.
We are here to explain your options and recommend the next right step. Book a free, confidential consultation today.