Toll free in BC: 1.866.317.8331
We are pleased to offer our services in our main office (Campbell River)
as well as in our satellite offices by appointment only:

E: office [at] chasesekulich [dot] com

Campbell River:
400 Tenth Avenue
Campbell River, BC
Tel: 250.287.8331
Fax: 250.287.7224

#102 - 635 Fitzgerald Avenue
Courtenay, BC
Tel: 250.897.1885
(Licensed Insolvency-
Trustee by appointment only)

Powell River:
4493A Marine Avenue
Powell River, BC
Tel: 604.485.7302
(Licensed Insolvency-
Trustee by appointment only)

#301–5500 Wharf Avenue
Sechelt, BC V0N 3A0
(By Appointment Only)

Bankruptcy & Insolvency

Offices in Campbell River & Courtenay on Vancouver Island, and Powell River, Gibsons, and Terrace

Proposals to Creditors - a Growing National Trend

According to Federal Government statistics making a debt settlement proposal or “offer” to settle with creditors is a growing trend across Canada.

  • Although part of the Bankruptcy and Insolvency Act (“BIA”), Debt Settlement Proposals are distinctly different than bankruptcy. Some of the main differences are that a person’s assets do not vest with a trustee and a person’s credit history is less severely impacted.
  • Debt Settlement Proposals offer a means to repay creditors in full, or in part, over a period of time.
  • Debt Settlement Proposals must offer creditors more than what they would receive in bankruptcy.
  • Most collection action is suspended after a debt settlement proposal is filed including income tax debt and garnishees.
  • There are two types of debt settlement proposals that can be filed:
Division 1 proposal for large amounts of debt or complicated situation or alternatively; Consumer proposals for a lesser amount of debts.
  • One can be very creative in structuring a debt settlement proposal in order to allow some financial breathing room at the end of each month or during off season work periods such as fire shutdown.
  • Creditors generally react favourably to Proposals because a Proposal will provide for a greater recovery than bankruptcy.
  • A thorough detailed analysis of your financial situation is required to properly evaluate if a debt settlement proposal is suitable. This would include reviewing type and amount of debt, monthly income and living expenses, number of people in the household, age, and desire to repay.

    Please do not hesitate to contact us for further information
    or a free initial consultation.


*Files administered via Derek L. Chase & Associates Ltd.