It's OK.

Get ahead of
your debt.

Is your debt becoming unmanageable? You still have options.

Bankruptcy

This is a great solution if you’re not in a position to repay a reasonable portion of debt. Administered by a Licensed Insolvency Trustee, bankruptcy can be completed in as few as nine months, and most personal assets are exempt from seizure. Payments are based on your family’s income, and legal proceedings and harassment by creditors will stop.

Consumer Proposal

On the other hand, you can choose a consumer proposal if you’re willing and able to repay some portion (but not all) of your debts without interest. The exact repayment amount is based on family income, equity in certain assets, and total debt obligations. A proposal needs to offer creditors more than what they would receive in a bankruptcy, but you have more control as your Licensed Insolvency Trustee is negotiating a settlement on your behalf.

Nobody should have to deal with financial stress.

It’s OK to get help. Reach out for a FREE confidential consultation.

6 things you should know about debt in Newfoundland and Labrador.

1

It’s Ok. You’re not alone.

Over 100,000 Canadians file for bankruptcy or a consumer proposal every year. In 2019, 3224 people in NL filed formal insolvencies. A 17% increase since 2018 and a 104% increase since 2014.

2

Financial Problems Can Affect Families

53% of families in our province have no financial plan. They live paycheque to paycheque and struggle to provide the basics for their families.

3

Financial Problems Can Affect Seniors

41% of retired people have multiple credit cards and struggle to make minimum payments

4

Financial Problems Can Affect Individuals

62% of single people say they’re concerned about saving for the future because all their money goes towards bills and basic necessities.

5

Bankruptcy is Not Your Only Option

In 2019, 53% of Insolvency filings were Consumer Proposals.

6

Choose an Experienced, Local Firm.

Since 1985 we have helped almost 30,000 Newfoundland and Labradorians get a fresh financial start.

Want more information?

We can help. Contact us for a FREE confidential consultation.

Why should you choose Janes and Noseworthy for debt relief.

See what fellow Newfoundlanders and Labradorians have to say.

“We want to express our sincere thanks for helping us through this extremely stressful time in our lives. You’re like our financial paramedic helping us recover and heal. Take care. Thanks again.”

“We just received our closeout papers – a happy day let me tell you, I would like to thank you and the firm for all that you did. My first time going to you guys was stressful but when we left we felt relieved and not looked down upon, thank you again!”

“I was at my wit’s end trying to figure out how to manage my debt. I just couldn’t get ahead of it. But after sitting down with Janes & Noseworthy I realized there was light at the end of the tunnel and I wasn’t alone. I’m finally sleeping through the night. I wish I’d gone to see them sooner.”

For over 35 years, Janes & Noseworthy has been helping the people of Newfoundland and Labrador get out of debt!

Are you ready to move past your financial rough patch?

It’s OK to get help. Contact us for a FREE confidential consultation with our friendly, local personal debt counsellors.

Book your free consultation now.

Rather reach out during business hours?

Call 1-800-563-9779 or 1-709-364-8148 to get started, or chat with us live online.

Frequently asked questions.

What are the steps in filing for bankruptcy?

It all starts by contacting a Trustee or Personal Debt Counsellor who will offer advice and walk you through the documentation, duties, and requirements for the process. We’ve outlined the major steps in filing for bankruptcy, and you can set up your free confidential consultation in the form above.

Will I lose everything with a bankruptcy or consumer proposal?

No, you won’t. Many personal assets, pensions, and, to a certain extent, items like tools of the trade, vehicles, and homes are exempt from seizure.

Isn’t bankruptcy or a consumer proposal only for people that owe a lot of money?

No, personal bankruptcy or consumer proposal is actually an option for any individual who owes more than $1,000 and cannot make the required payments. It’s not the amount that you owe, but how it affects your life that matters.

Will I ever be able to get credit again if I go bankrupt or file a consumer proposal?

Yes, you could. A bankruptcy or consumer proposal will stay on your credit bureau record for a period of time, but you can start rebuilding your credit rating as soon as you are discharged. For example, you may qualify for a mortgage in as little as two years following your discharge from bankruptcy or consumer proposal.

Will my friends, neighbours and colleagues know that I filed for bankruptcy or a consumer proposal?

No. In most cases, the only people who will know about it are your creditors and those who you choose to tell.

Will my bankruptcy or consumer proposal affect my partner, spouse, and family?

Your bankruptcy or consumer proposal will have no effect on your spouse/partner or his/her career if your spouse/partner is not co-signed on your debt. It will also not affect family members who may apply for a student loan.

Will I ever be able to make a big purchase again?

When you have been discharged from bankruptcy—usually in nine months—there are no restrictions on what you can buy or own.

If you have any other questions, our debt counsellors and Licensed Insolvency Trustees will be happy to advise you during a free consultation.

It’s OK to hit a financial rough patch ⏤ and it’s OK to get help.

1-800-563-9779