Our Services

If you are experiencing financial difficulties or “money trouble” you probably have a lot of questions. What are your options for paying for the debt? What option is best for you?
There are a variety of options when you are experiencing money trouble. The starting point is a private, person to person consultation with a F.J. Zielski & Associate advisor, who will answer your questions and get you on the road to recovery.

Our advisors will help you understand:

Credit Counselling
If you feel you have the ability to pay your creditors in full, if only you could reduce your payment, then you may wish to speak to a Credit Counselling Agency about a Debt Management Plan.

Credit Counselling is a not-for-profit agency that offers a Debt Management Plan, under which you will pay your creditors over an extended time period. It is a voluntary plan. Therefore it is voluntary on the part of your creditors to accept it! This contrasts with a Consumer Proposal through a Trustee that is legally binding on all creditors once the required majority has accepted the proposal.

Usually your creditors will waive the continuation of interest under a Debt Management Plan, however if a garnishment has begun or any other legal action it is unlikely that the creditors will accept the plan.

Consumer Proposal
A Consumer Proposal is an alternative to bankruptcy, where you offer to pay your creditors a percentage of what you owe them over a specific period of time. It is a compromise of your debt, where by you are able to retain your assets. The amount you pay depends on your personal situation and the amount of money you make.

Learn more about the consumer proposal process here.

Personal bankruptcy
Bankruptcy is a legal process to help someone with money problems to receive a financial fresh start. When you declare bankruptcy, the Trustee steps into your financial shoes, and deals directly with your creditors for you.

Learn more about the personal bankruptcy process here.

Other options
Instead of credit counselling, bankruptcy or a Consumer Proposal, there are several other options that may be right for you. Your F.J. Zielski & Associates Inc. advisor can help you explore:

• Debt arrangements. With this kind of arrangement, you can contact your creditors directly and arrange with them to pay off only a percentage of your debt, or pay down your debt over a period of time. Before this arrangement can work, your creditors must agree to it, and you may have to sign a contract.
  
• Debt consolidation. With this option you deal directly with you bank to obtain a consolidation loan to refinance you debts into one new loan.

Unfortunately, if you are not proactive and follow one of the above options, your creditors will continue to demand money using collection agencies and will ultimately take legal action.

Recognizing the problem is the first step, doing nothing isn’t a solution – contact us today!

These downloaded forms will give your F.J Zielski & Associate advisor the information they need to assess your situation so you can make the right decision. Please complete the form as best you can and bring it to your free consultation.

Restructuring Worksheet

Statement of Income and Expenses

Income Tax Information

Are you a high income earner (MORE INFORMATION HERE) or do you not reside in Canada (MORE INFORMATION HERE)?