Knowing your options when debt becomes too much to handle is an important part of becoming financially literate.
TORONTO, Nov. 23, 2015 /CNW/ - The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) is encouraging Canadians to learn about their options when faced with financial difficulties.
November is Financial Literacy Month in Canada and CAIRP, which represents nearly all of Canada's Trustees in Bankruptcy, believes it's important for Canadians to understand more about the process of resolving problem debt.
"Canada's Trustees in Bankruptcy are the only professionals licensed and regulated by the federal government to deal with debt restructuring," said David Wood, Chair of CAIRP.
"When people need a fresh start with their finances, a Trustee in Bankruptcy can provide real help. We are there to guide Canadians through the process that can give them the relief they need."
A recent Ipsos Reid poll conducted on behalf of CAIRP found that one in four Canadians (23%) have personally used (10%) or know someone who has used (14%) the services of a Trustee in Bankruptcy. But it also found that only half of Canadians (54%) are familiar with the term "Trustee in bankruptcy"1.
"We want Canadians to understand that a licensed Trustee in Bankruptcy can give Canadians options beyond the administration of a bankruptcy proceeding that no one else can provide," said Mr. Wood.
"Legal avenues such as the consumer proposal, which is the equivalent of an interest-free debt consolidation, can allow you to reduce total debt, establish a manageable monthly payment, enable you to retain your property and avoid declaring bankruptcy and obtain a fresh start."
Licensed by the Office of the Superintendent of Bankruptcy, the Trustee in Bankruptcy offers an impartial view "The role of the trustee is to review your financial situation, clearly explain the different solutions to you and to then make a recommendation based on your unique circumstances. Once you've made a decision on the process, the trustee navigates you through all the steps, filing all the necessary paperwork and notifying the creditors.
For more on the Trustee in Bankruptcy and CAIRP, visit www.cairp.ca.
For more on Financial Literacy Month, visit the website of the Financial Consumer Agency of Canada.
- Try the financial literacy self-assessment quiz to identify your financial literacy needs and get a list of resources and events from the Canadian Financial Literacy Database that can help you broaden your knowledge, skills and confidence.
1Findings are from an Ipsos Reid poll conducted between October 20 and October 23, 2015, on behalf of Canadian Association of Insolvency and Restructuring Professionals. For this survey, a sample of 1,005 Canadians from Ipsos' online panel was interviewed online. The poll is considered accurate to within +/ - 3.5 percentage points, 19 times out of 20, had all Canadian adults been polled.
SOURCE Canadian Association of Insolvency and Restructuring Professionals (CAIRP)
Image with caption: "The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) encourages Canadians to get the facts about consumer proposals, bankruptcy and other options for dealing with financial difficulties. (CNW Group/Canadian Association of Insolvency and Restructuring Professionals (CAIRP))". Image available at: http://photos.newswire.ca/images/download/20151123_C4679_PHOTO_EN_550381.jpg
For further information: Andrew Flynn, Communications Manager, Canadian Association of Insolvency and Restructuring Professionals, 416-204-3242, ext. 3563, [email protected]