Debt Solutions & Consumer Proposals in Alberta
If you feel overwhelmed by debt in Alberta, know that you’re not alone. Our team of Licensed Insolvency Trustees is ready to help you get back on your feet and find your way to financial independence.
Safe, secure & confidential
Bankruptcy exemptions in Alberta
Alberta has the highest rate of consumer debt in Canada, so if you find yourself struggling to pay your debts, then you need to speak to the experts at Harris & Partners.
Harris & Partners are a specialist Licensed Insolvency Trustee with offices based across Canada, and we can help provide different debt relief solutions to individuals and businesses struggling to manage their debt.
If you’re enduring a difficult financial situation and are considering going through the bankruptcy or consumer proposal process, contact us today for a free consultation with one of our licensed insolvency trustees and we’ll help you to find debt solutions in Alberta and build a stronger financial future.
How does a consumer proposal work in Alberta?
A consumer proposal is a legally binding process where an agreement is made with creditors to negotiate a more manageable form of debt repayment for you.
Your repayment amount will be based on your own unique circumstances and your payments will be spread over a period of five years. This helps to reduce the amount that you owe without the need to surrender your assets to pay your debts.
If you’re based in Alberta and want to file a consumer proposal then you need to work with an insolvency trustee as they legally act on your behalf to set up the agreement and then execute the monthly payments. To book a free appointment with a Harris & Partners trustee, click the link below and let’s get you started on the road to financial stability once more.
Alberta bankruptcy exemptions
In Alberta, some of your assets may be exempt from seizure during bankruptcy proceedings depending on how much equity is in them. Exemptions include:
- Enough food to last for a period of 12 months.
- Clothing valued at up to $4,000.
- Household furnishings and appliances valued at up to $4,000.
- One motor vehicle valued up to $5,000.
- Personal property that is used to earn income valued at up to $10,000.
- All medical and dental aids.
- Your principal residence if it is less than $40,000. For co-homeowners, this amount can be reduced depending on how much you own of the home.
- RRSPs, RESPs and pensions.
- Some life insurance policies.
- Farmers: Up to 160 acres of land, plus any equipment needed for the next 12 months.
Example Savings With Harris & Partners Debt Relief
Your Potential Debts:
Your monthly repayments over a 60-month period would be
Before Help
$1409
After Help
$210
Monthly payments are determined based on individual financial factors
How Much Could I Save?Our debt management solutions in Alberta
We understand how overwhelming debt can become. But the good news is that you have options available for dealing with your debt in Alberta:
Why choose us for debt help in Alberta
Our Licensed Insolvency Trustees in Alberta specialize in crafting plans tailored just for you, plans that get things back on track and could reduce your debt by up to 80%.
You can count on our team in Alberta for clear, honest advice, no matter your language. From Farsi and Portuguese to Italian and Tamil, we remove the jargon so you understand everything clearly, every step of the way.
Our dedication to helping you doesn’t stop at Alberta’s borders. With a network spanning nine provinces, we’re always here to help – just give us a call.
Debt help in Alberta - It’s a simple process
Tell us about your debt and the challenges you are facing. We are here to provide a listening ear, offering you a safe space to share your financial journey. To offer you the best solution, we need to know the full picture, this includes information on your income, debt, expenses and who you owe money to. Our consultations are confidential and free!
Once we fully understand your specific situation, we can start making a plan. We’ll explore your debt solution options, only committing to things you are comfortable with. This way, we can tailor our services to you for the best possible outcome.
After going through all the options available to you, we can put our plan into action together. Your financial well-being remains our top priority, and we will provide unwavering support and guidance throughout this process.
How can I find out more?
If you want to find out more about bankruptcy exemptions and consumer proposals in Alberta, please contact your local Licensed Insolvency Trustee for further information.
Harris & Partners: Alberta office
With our Licenced Insolvency Trustees in Alberta, you don’t have to struggle with debt alone. Take a look below and reach out to our team today.
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![Jay harris]( "Jay-150×150-1.png")
Jay T. HarrisFCPA, CIRP, LITLicensed Insolvency Trustee -
![kyle]( "Kyle-150×150-1")
Kyle HarrisLL.B., CIRP, LITLicensed Insolvency Trustee -
![adam]( "Adam-150×150-1 (1)")
Adam FisherCPA, CIRP, LITLicensed Insolvency Trustee -
![Joshua Harris]( "josh-NEW")
Joshua HarrisBCOMM., MIB, CIRP, LITLicensed Insolvency Trustee -
![advisor]( "circle-cropped-150×150-1")
David AdamsLicensed Insolvency Trustee -
![doug]( "doug-1.jpg (1)")
Doug LoiselleLicensed Insolvency Trustee -
![Rob McLernon]( "zz")
Robert McLernonBComm, CIRP, LITLicensed Insolvency Trustee -
![shelley]( "1050_Shelley_Koehli.jpg")
Shelley KoehliLicensed Insolvency Trustee -
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Jill StruebyLicensed Insolvency Trustee
Frequently asked questions
What is a Consumer Proposal in Alberta?
A consumer proposal is a legal agreement in Alberta where you repay a portion of your debts under a Licensed Insolvency Trustee’s supervision. It reduces your total debt and extends the repayment terms without risking your assets.
How Do I Declare Bankruptcy in Alberta?
To declare bankruptcy, begin by speaking with a Licensed Insolvency Trustee in Alberta. They will evaluate your finances, outline your options, and guide you through the necessary paperwork and procedures if bankruptcy is your best route.
What Assets are Exempt from Bankruptcy in Alberta?
In Alberta, exempt assets include necessary clothing, household furnishings, work tools, a primary vehicle within a certain value limit, some pensions, and possibly some home equity.
Can I keep my home?
You are entitled to keep your home during bankruptcy if the equity isn’t valued at more than $40,000. If you are a co-owner of your home, the exemption amount will be smaller. In the case of owning half of your home, the exemption amount will instead be $20,000.
Can I keep my car?
You are able to keep a vehicle valued up to $5,000 and this also applies to car loans that you are paying off. For instance, you may be able to keep a car worth $10,000 if you have paid $5,000 off it.
How will my pension plans and savings be affected?
There are certain types of savings and life insurance plans that are exempt from bankruptcy in Alberta, such as:
- RRSPs (Registered Retirement Savings Plans),
- RRIFs (Registered Retirement Income Funds),
- DPSPs (Deferred Profit Sharing Plans)
- Registered Disability Savings Plans (RDSPs)
However, contributions made within the past year can be seized by creditors but any other contributions/transfers are safe.
RESPs (Registered Education Savings Plans) are exempt in Alberta but the money must only be used to fund post-secondary education for a beneficiary.
It's never too late to obtain debt help. Book your free consultation today
- Phone number
- 888-376-8488
- hello@harrispartners.ca
Contact form
Debt Relief in Alberta & Across Canada: Local Expertise, National Reach
We work across nine different provinces, so even if you’re outside Alberta, you can count on our support.