Pursue Accurate Credit Elevation Services

Here at Pursue Accurate Credit Elevation, we aim to assist you with solving your debt problems and financial challenges.

Who Can Get Credit Counseling?

Our counseling is designed for individuals seeking to overcome debt, alleviate financial stress, or enhance their money management skills. Whether you’re grappling with overwhelming credit card bills that seem never-ending or striving to establish a budget and control personal expenses, our counseling provides tailored assistance. Whatever your financial challenges may be, a credit counselor can work with you to develop a plan for resolution. We firmly believe that financial well-being is attainable for everyone.

Solve Your Debt Problems Today

Feeling bewildered or overwhelmed when grappling with challenging issues, such as overwhelming debt, is completely normal. Many Canadians seek guidance from experts to navigate these complexities. Our credit counselors, as personal financial experts, can equip you with the necessary information and tools to overcome financial challenges. Engaging with us is not only free and confidential but might be the key to putting you back on the right track.

Recognizing the difficulty of discussing debt, our credit counselors approach the conversation with empathy. We understand that people may fear judgment or blame for their financial situation, but we emphasize that mistakes are part of life. Our goal is not to add stress or pass judgment but to provide genuine solutions through compassionate and honest guidance. We take the time to listen to your concerns, comprehend your overall situation and goals, and offer free, unbiased advice and information.

Start Our Counseling Service Now

Our counseling service is provided at no cost and can be scheduled through in-person or phone appointments. Your dedicated credit counselor will thoroughly assess your financial situation, discussing both challenges and goals. We’ll present your options, address any questions you may have, and allow you the time to make the most informed decision for your circumstances.

For those who choose to continue working with us for multiple sessions, we are happy to provide your our debt management program. Your credit counselor and our experienced team will be there to assist you in tackling your financial challenges, whether you’re facing unexpected expenses, need to review your budget, or encounter life changes requiring adjustments. This support remains accessible anytime you need our assistance.

We aim to support you in attaining lifelong financial well-being, which encompasses assisting you in rebuilding your credit, maintaining a balanced budget, and planning for the future.

Going Bankrupt

In times of significant financial hardship, the thought of declaring bankruptcy often surfaces as a primary consideration. However, filing for bankruptcy is a consequential decision that requires careful exploration, as it can have enduring effects on your credit and job prospects. Fortunately, there exist numerous alternatives between financial difficulties and bankruptcy. Our credit counselors specialize in guiding individuals through these options. It’s essential to fully understand both bankruptcy and its alternatives before making a decision that may have unforeseen impacts on various aspects of your life.

Declaring Bankruptcy

Contemplate declaring bankruptcy only after exploring all alternative avenues for addressing your debt. This includes situations where:

  • Unable to meet debt repayment obligations within a reasonable timeframe.
  • Inability to settle debts through the sale of assets.
  • Ineligible for or unwilling to enroll in a debt management program.
  • Ineligible for or unwilling to obtain a debt consolidation loan.
  • Received a rejection for or have chosen not to initiate a consumer proposal.
  • Have outstanding debts to the government that are eligible for inclusion in a bankruptcy.
  • Risk the potential jeopardy of assets or income if you do not address your debt issues.

Before deciding on bankruptcy, please ensure you’ve thoroughly explored the aforementioned alternatives. If all else fails, bankruptcy remains an option you can fall back on. If you seek assistance in understanding your debt repayment options and wish to avoid bankruptcy, feel free to give us a call – we’re here to help.

How to File for Bankruptcy in Canada?

Initiating bankruptcy in Canada is a legal procedure designed to assist individuals in managing their debts, regulated by the Bankruptcy and Insolvency Act. When filing for bankruptcy, a licensed insolvency trustee in your province will handle the paperwork, complete the necessary forms, and navigate you through the 9-21 month process. For individuals filing bankruptcy for the second time, the process may extend to a period of up to 36 months.

Upon declaring bankruptcy, all collection activity on your debts ceases, and your creditors will agree to new payment terms outlined in the court-approved bankruptcy agreement. It’s important to note that this arrangement applies exclusively to unsecured debt, which refers to debt without collateral. Secured debts are not covered by bankruptcy.

Can Anyone File for Bankruptcy?

Bankruptcy is an option available to a specific category of individuals, namely those struggling with an incapacity to meet their debt obligations. The evaluation considers various factors such as assets, means tests, income value, expenses, and existing obligations. Individuals with a consistent income, seeking to reorganize their debts, can file for bankruptcy in Canada under the Bankruptcy and Insolvency Act. To qualify, individuals must have adequate income to support a repayment plan. Consulting with an attorney is advisable for a more informed understanding of the process.

Where Does Your Income and Assets Go?

Nevertheless, if you possess a specific level of equity in assets such as a vehicle or your residence, your trustee may need to liquidate those assets and allocate the proceeds toward settling your debts as part of the bankruptcy process. Optionally, if financially viable, you have the opportunity to “buy back” your assets by remitting the surplus value beyond what you’re permitted to retain to your trustee.

Various assets are susceptible to being forfeited in bankruptcy, including RESPs, tax refunds, RRSP contributions from the past 12 months, and other valuables. Each province outlines a set of bankruptcy exemptions, designating items you are allowed to keep, which can include business tools and household effects up to a specified value.

Additionally, bankruptcy imposes income restrictions. Depending on your family size and composition, 50% of any income exceeding a specific threshold must be remitted monthly to your trustee, who will subsequently distribute it to your creditors.

Follow These Steps to File for Bankruptcy:


  • Determine whether personal bankruptcy is necessary.
  • Complete the required paperwork with a licensed insolvency trustee.
  • Your assets will be liquidated.
  • Creditors will be informed of your bankruptcy.
  • A creditor meeting may be convened.
  • If required, you will meet with an officer from the Office of the Superintendent of Bankruptcy (OSB).
  • Attend two bankruptcy counseling sessions.
  • Your trustee will petition the OSB for approval or denial of your bankruptcy discharge.
  • Your bankruptcy will be discharged either automatically or as per a court ruling.
  • Commence your life after bankruptcy.

Debts not Accepted for Bankruptcy

Many individuals believe that declaring bankruptcy will resolve all their debts, yet this is not universally true. Apart from the distinction in the treatment of secured and unsecured debts, certain debts are legally exempt from the filing. These exclusions encompass:

  • Outstanding child support payments
  • Unsettled spousal support obligations
  • Court-imposed fines
  • Debts resulting from fraudulent activities
  • Government-issued student loans less than 7 years old (with some exceptions)
  • Specific government overpayments

If any of the debts you aim to eliminate are included in this list, bankruptcy may not be the most suitable choice. Explore all alternative options to bankruptcy with a non-profit credit counselor to determine the most appropriate path forward.

Is Bankruptcy for You?

If you find yourself contemplating the possibility of declaring bankruptcy due to a challenging financial situation, rest assured that you’re not alone. Many individuals share similar feelings when confronted with seemingly insurmountable difficulties.

Fortunately, for those facing such circumstances, there exist alternative, less drastic options. Connect with one of our credit counselors to explore all available avenues. They will gladly assess your entire financial situation in detail, addressing any questions you may have. Conversations with our certified counselors are always free, confidential, and carry no obligation. Our aim is to provide assistance and support.

The Cost of Bankruptcy

When struggling to cover your bills, you may question why the process of going bankrupt incurs significant costs. These fees typically involve approximately $1,800 paid to your trustee for administrative, court, and filing expenses. However, the overall cost of bankruptcy depends on a case to case basis.

Once you have committed to the bankruptcy paperwork, reversing your decision becomes extremely challenging. Considering these factors and more, ensure that bankruptcy is genuinely the most suitable choice for your situation. We can assist you in determining your optimal options at no cost, and if it is determined that bankruptcy is the most appropriate route, we can direct you to a trustworthy trustee in your local area.

What are Your Options?

Numerous options exist between financial hardship and bankruptcy. Our credit counselors specialize in guiding you through these alternatives, helping you identify the most suitable option that aligns with your circumstances.

Connect with Us

In the spectrum between financial difficulty and bankruptcy, a plethora of options exists. During such challenging times, it can be beneficial to have a conversation with an informed credit counselor who can thoroughly discuss all available options and devise a plan to overcome your challenges. By gaining clarity on your path forward, you can restore peace of mind and progress with confidence.