Over 50% of Canadians say they feel stressed about their finances. If you’re feeling overwhelmed by bills, creditor calls, and the looming threat of wage garnishment, you are not alone. And more importantly, you are not a failure.
At BNA Debt Solutions, we’ve spent 28 years helping Albertans navigate through financial struggles with empathy, professionalism, and established, federally-approved solutions like consumer proposals and personal bankruptcy.
If you operate a business, we’ll request recent financial statements to fully understand both your personal and business liabilities, so we can create a solution that works for you. This guide will walk you through the first step in your journey toward financial freedom: preparing for your free consultation, so we can build a debt-free plan together.
Quick Recap of Your Debt Relief Options
Before preparing for your debt-solution consultation, let’s take a quick look at your options:
- A consumer proposal helps you consolidate unsecured debts like credit cards into one monthly payment, stopping creditor calls and protecting your home. It’s filed with the federal regulator, offering a structured way forward.
- Bankruptcy for first-time filers typically lasts about nine months, providing the fastest clean slate, but is reported as R-9 for six years after discharge (14 years if it’s a second bankruptcy). Secured debts such as mortgages or car loans are not discharged, you must continue paying or surrender the collateral.
- Debt consolidation combines your debts into one loan at a lower interest rate, ideal for those with smaller debts and steady income.
- Credit counselling helps you manage your budgeting and negotiate with creditors without formal filings, ideal for those with small debt loads.
Each path offers a way out. With a consumer proposal, your credit is marked R-7 for six years, but interest stops. Consolidation or counselling may have less impact on credit. Bankruptcy clears debt but requires the surrender of some assets.
Now, let’s dive into how you can prepare for your consultation. If you’re feeling uncertain or unsure about what to bring, don’t hesitate to give us a call. We’re here to guide you through the process completely free of charge.
1. Why Preparation Matters but Perfection Does Not
Before you schedule your consultation, whether by phone, video, or in person at our Calgary office, take a deep breath. The goal of your first meeting is simply to give our Licensed Insolvency Trustee (LIT) an overview of your financial situation. We’re not asking for shoeboxes of receipts or exact numbers just yet. Estimates are perfectly fine. What really matters is an open and honest conversation.
What Happens in That First Meeting?
- We listen. You’ll share what’s been weighing on you, the stress, sleepless nights, creditor calls, or even the worry of garnished wages. We’re here to hear it all, no judgment.
- We outline every option. Whether it’s informal credit counselling, debt consolidation loans, consumer proposals, Division I Proposals, or bankruptcy, we’ll break down the pros, cons, costs, and how each option impacts your credit rating without any pressure.
- We agree on a direction. If, for example, a formal offer to your unsecured creditors makes sense, we explain the next steps, such as drafting terms, how creditors vote, and how interest stops the moment we file with the federal government’s Office of the Superintendent of Bankruptcy (OSB). You leave with clarity, not contracts.
2. Your Quick List for the First Conversation
Write the following on a single sheet or a note app. Round numbers to the nearest dollar value or thousand; precision comes later.
Assets (fair-market value)
- House/condo – FMV and mortgage balance.
- Vehicles – year, make, model, remaining financing.
- Investments – RRSP, RESP, TFSA, crypto, GIC, stocks.
- Recreational items – boat, trailer, quad, snow, or sea-doo.
- Business shares – if you sold the company today, what could it gain?
Income & household
- Take-home pay each month (after taxes, CPP, EI) for you and your spouse or partner.
- Child/spousal support you pay or receive each month.
- Number of people relying on that income.
Debts
- Who you owe and how much: credit cards, lines of credit, payday loans, taxes, student loans, unpaid utilities, etc.
Why we ask: These figures let us run a high-level “what-if” for every option. For instance, we can estimate a monthly payment under a proposal (often 25-40¢ on the dollar, spread up to five years) compared with a consolidation loan or bankruptcy.
3. When You Decide to Move Forward: The Formal Checklist
Once you’ve decided on the best path, whether it’s a consumer proposal, bankruptcy, debt consolidation, or another solution, federal law requires specific documentation to ensure everything is accurate. Here’s a master list of what we might need.
Don’t worry, your BNA administrator will guide you and highlight only what’s relevant to your situation. Your administrator will let you know exactly which of these documents are needed based on your unique circumstances, so you won’t be overwhelmed by unnecessary paperwork.
| Category | Examples |
| Identification | Driver’s licence and SIN (front & back if on one card) |
| Vehicles | Insurance “pink slip” and registration for each vehicle |
| Business | The latest annual financial statements for any company you own |
| Credit Facilities | Current statements for credit cards, overdrafts, and lines of credit |
| Mortgage | Most recent mortgage balance or payout figure |
| Asset-Backed Loans | Balance letters for financed vehicles, RVs, etc. |
| Investments | Statements for RRSP, RESP, TFSA, Canada Savings Bonds, stocks, crypto wallets |
| Insurance | Copy of any life-insurance policy with cash value |
| Income | Last pay stub or benefits statement |
| Court Orders | Garnishment notice, judgment, CRA “requirement to pay,” or support order |
| Real Property | Land-title search |
Remember, not everything on this list applies to every person. If you don’t own a home, there’s no need for the land title. If you have no investments, just skip that section. Your LIT will review your income and expenses to refine the list and make it simple to gather what we need.
If you’re unsure about anything or have questions, don’t hesitate to reach out. We’re here to help, just ask, and we’ll guide you every step of the way.
How Each Document Helps
- Identity & Anti-Fraud – Canadian regulations require a verified ID before we can file anything.
- Accurate Totals – Up-to-date debt totals ensure accuracy in our estimated recovery to creditors.
- Fair Valuation – Creditors need confidence that your chosen solution treats them better than other options.
- Speed – A complete file lets us draft, sign, and submit your plan often within one week, so legal actions like wage garnishments stop sooner.
Special Note for Business Owners
If you own a business, we understand that your financial situation may be more complex. Managing both personal and business finances can feel overwhelming, especially when debt is involved. Rest assured, we’re here to help you navigate this process with ease and expertise.
In addition to the standard documents, we’ll need a few extra items to ensure we have a complete picture of your financial situation. These documents are key because they help us:
- Assess your business’s financial health, which is essential for creating a debt solution that works for both your personal and business finances.
- Understand business-related debts, such as loans or lines of credit, that may affect your overall financial picture.
Here’s what we’ll need:
- Latest annual financial statements for your company.
- Business tax returns for the past two years. These provide insight into your business’s income and expenses.
- List of business assets and liabilities. This includes any equipment, inventory, or property owned by the business, as well as any outstanding debts or obligations.
We know that gathering these documents might feel like an extra step, but it’s crucial for crafting a tailored solution that addresses both your personal and business needs. If you have any questions or need assistance gathering these items, please don’t hesitate to reach out our team is here to support you every step of the way.
4. “But What If I’m Told Bankruptcy is the Only Option?”
First, know that bankruptcy is not a life sentence in Canada. Most first-time bankruptcies last 9-21 months. Yet many Albertans qualify for a proposal instead. Most consumer proposals we file are accepted because they pay creditors more than they’d receive in bankruptcy, and they protect your assets.
If, after reviewing all your debts and assets, the Canadian bankruptcy laws truly offer the right solution, we will explain every step with the same empathy and clarity. No surprises, no shame.
5. What Comes Next: Exploring Debt Relief Options
After your consultation, you’re in control of the next steps. No decision is final until you’re ready. We’ll walk you through all your options, whether it’s a consumer proposal, bankruptcy, debt consolidation, credit counselling, or another solution, and tailor our advice to fit your unique situation. Below, we give you an overview of the consumer proposal process, a path many of our Alberta clients choose.
Inside the Consumer Proposal Process (Alberta Edition)
Here’s a timeline many of our Alberta clients experience when choosing a consumer proposal:
| Day | Milestone | What It Means for You |
| 0 | Filing with the OSB | Interest stops; unsecured creditors can’t sue or garnish. |
| 1-5 | Official Receiver Review | A neutral government officer ensures the filing was appropriate. |
| 1-45 | Creditors Vote by Mail or Email/Fax | They accept, request changes, or reject. The majority (50%+) wins. |
| 46-60 | Court Approval (Rarely Contested) | The proposal becomes binding on all creditors. |
| Month 1-59 | Making Monthly Payments | You send one deposit to BNA; we distribute funds. |
| Mid-Term | Two Counselling Sessions | We cover budgeting and rebuilding credit. |
| Final Month | Final Payment Clears | We issue a Certificate of Full Performance. |
| Post-Completion | Start Rebuilding Credit | R-7 rating drops off six years from filing, not completion. |
Key Facts to Remember
- Unsecured Debts: These include credit cards, payday loans, tax debt, and student loans that are more than 7 years old.
- Secured Creditors: If you have a mortgage or car loan, those creditors will keep their collateral, and you’ll continue making payments. Or you can choose to surrender the asset if it is underwater and include any deficiency amount in your Proposal.
- Fees: These are built into your monthly payment; there are no surprise bills or extra invoices.
- Early Payoff: If your financial situation improves, you may be able to pay off your proposal early.
Here’s Why BNA Debt Solutions Should Be Your First Choice
For 28 years, BNA Debt Solutions has been a trusted partner for Albertans on their journey to financial freedom. As a family-owned business based in Calgary, we understand that behind every debt issue is a person or family who deserves a fresh start. Our priority isn’t just solving financial problems, it’s providing empathetic support and expert guidance, tailored to your unique needs.
- Client-First Approach. As a family-owned firm, our focus is always on you, not the bottom line. We serve Calgary and all of Alberta with personalized attention, working with you to find the best solution, not the most profitable one.
- Proven Expertise. With 28 years in the field and thousands of successful cases, we have the experience to provide reliable, effective debt relief solutions that actually work.
- Trusted Results. We’re proud of the more than 230 five-star reviews from clients who’ve found success and peace of mind with our help. Your success is a reflection of our commitment to your financial well-being.
- Honest, Transparent Advice. Whether it’s a consumer proposal, loan consolidation, or a small budget tweak, we provide clear, honest guidance. We’ll always lay out all your options so you can make an informed, confident decision.
- Accessible and Respectful. Whether you prefer to meet us in person or online, we treat every client with respect and dignity. You’re not just a case to us; you’re someone we’re here to support, every step of the way.
The Checkmark That Changes Everything
Every bill stamped PAST DUE, every DECLINED notice, every voicemail from collectors feels like another red X. A reminder that the system says “no.” Our green checkmark flips that story. The moment you see it, you know two things:
- A path forward already exists. You’re not here to plead for a lifeline; you’re here to claim one.
- We stand behind that path. The ✓ is our pledge that every step, from budget review to proposal draft, court filing, and creditor vote, will be handled with the same care we’d give to family.
What the ✓ Means for You
- Clarity → no jargon, no hidden fees, no surprise paperwork.
- Confidence → proven, federally regulated solutions that protect your paycheque and your dignity.
- Commitment → personalised support until the last payment is made and the last X is gone from your life.
Ready to trade the X’s for a ✓? Book your free consultation today and watch the checkmark go to work for you.
Real Voices, Real Hope
- ” I had an excellent experience working with BNA Debt Solutions on my financial proposal. From start to finish, your communication was clear, professional, and thorough, ensuring I understood every step of the process. Your team not only met my expectations but exceeded them in ways I hadn’t anticipated.”
- “Once you do provide them true Information and do not hide things, your issues are going to be solved. This is a very helpful and professional service. They are very knowledgeable about what they are doing. “
- ”A lot of the time, a place will make you feel like you only have one option, but with BNA, they give you many options. I truly believe I am on the right path to being debt-free, thanks to the help from everyone at BNA. Thank you very much for taking me as a client!
Next Steps: Your Path to Peace of Mind
- Book your free, no-pressure consultation: phone, video, or in-person – whatever works best for you.
- Gather your quick list of assets, income, and debts; rough estimates are fine.
- We discuss all options, fees, and realistic monthly payments.
- You decide with our guidance whether to move forward.
- Provide required documents so we can draft your proposal in days, not weeks.
- Relax as interest stops and creditor calls go silent.
You’ve carried this weight long enough. Let BNA Debt Solutions support you, so you can focus on what truly matters: family, health, and a future free from debt.
Ready to reclaim your life?
Click Book My Free Consultation at the top of our site or call (587) 809-2802. One conversation can change everything.
Trust. Faith. Reliance. You deserve all three and a plan that works for you.
Frequently Asked Questions (FAQs)
What is a consumer proposal application?
A consumer proposal is a formal debt solution that enables you to consolidate your debts into a single, manageable monthly payment. It involves working with a licensed insolvency trustee to offer creditors a fair repayment plan, stopping interest and collection actions.
How to file a consumer proposal?
To file a consumer proposal, you need to meet with a licensed insolvency trustee. They will assess your total debt, propose payment terms to your creditors, and file the proposal with the Office of the Superintendent of Bankruptcy. If accepted, it legally binds all your creditors.
Which one is better between debt consolidation and a consumer proposal?
The best option depends on your situation. Debt consolidation combines multiple debts into a single loan at a lower interest rate, making it ideal for individuals with manageable debt. A consumer proposal works if you can’t pay off your debts in full, offering protection from creditors and legal action.
What information is needed for a consumer proposal?
For a consumer proposal, you’ll need Information about your total debt, income, assets, and household expenses. Your licensed insolvency trustee will guide you in gathering necessary documents, such as pay stubs, asset valuations, and details of all your creditors.
How do you fill out a consumer proposal debt form?
To fill out the consumer proposal debt form, your licensed insolvency trustee will guide you through providing accurate details about your income, debts, assets, and expenses. The trustee will help draft the proposal and ensure it addresses all your creditors for a fair repayment plan.
