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www.pwcdebtsolutions.

com PwCDebtSolutionsTM
Your Assets Contact our office – Fredericton
The Bankruptcy and Insolvency Act and the 494 Queen Street, Suite 200
laws of New Brunswick allow you to keep the Fredericton, NB E3B 1B6
following assets: Tel: 506 459 8896
Fax: 506 457 7189
• Furniture, household furnishing and appliances
reasonably necessary for the debtor and his Matthew Munro, Trustee
family;
• Food, clothing and fuel necessary for the
506 653 9426
matthew.j.munro@ca.pwc.com We understand
debtor and his family;
• Necessary tools and equipment and books to
Wendy MacKinnon, Estate Administrator the difficulty…
506 653 9411
the value of $6,500 used in the practice of the wendy.j.mackinnon@ca.pwc.com
debtor’s trade or profession;
• One motor vehicle having a realized value of Shane Martin, Estate Administrator
not more that $6,500 at the time the claim 506 459 8831
for exemption is made, or not more than any shane.d.martin@ca.pwc.com
greater amount that may be prescribed, if the
Julie Molasky, Estate Administrator
motor vehicle is required by the debtor in the
506 653 9401
course of or to retain employment or in the
julie.m.molasky@ca.pwc.com
course of and necessary to the debtor’s trade,
profession or occupation;
Or call us toll-free:
• Necessary medical and health aids; and
1 888 PwC Debt   or   1 888 792 3328
• All other assets declared exempt from seizure
pursuant to any law, including pension plans,
certain Registered Retirement Savings Plans
and certain life insurance policies.
Any remaining assets not specifically pledged
in favour of a secured creditor will be sold by
the Trustee and the proceeds will be distributed
pursuant to the Bankruptcy and Insolvency Act.

The Next Step


This brochure covers some of the common
issues relating to Bankruptcy and Consumer
Proposals for individuals. It does NOT address
all relevant matters and other important factors
that should be considered before making a final
decision. We encourage you to discuss your
financial difficulties with a qualified insolvency
professional at PricewaterhouseCoopers Inc. If
you would like to arrange a no cost, no obligation
meeting to discuss your situation, please contact
…and know
one of our representatives: what to do

© 2009 PricewaterhouseCoopers LLP. All rights reserved. “PricewaterhouseCoopers”


refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, or, as
the context requires, the PricewaterhouseCoopers global network or other member
firms of the network, each of which is a separate and independent legal entity. 5527-0409
Financial Problems? Informal Arrangements Your Duties and In addition, certain debts will remain payable after
your discharge from Bankruptcy, including:
Are you… with Creditors Responsibilities Include:
• Experiencing constant harassment from We can review your financial situation with • Court-imposed penalties and fines;
• Notify the Trustee of all assets and liabilities at
you and advise you on negotiating with your
creditors regarding overdue accounts? creditors. Reasonable terms of repayment may the date of Bankruptcy; • Alimony and maintenance payments;
• Borrowing from one credit card to be the best solution. • Assist the Trustee in dealing with your affairs; • Debts arising out of fraud,
pay another? misrepresentations, etc.; and
Consumer Proposals • Attend a meeting of creditors to answer
• Struggling to survive from one payday If your total debt, excluding your principal questions regarding your financial situation • Student loans, if the individual becomes
to the next? residence mortgage, is less than $75,000, you if required; bankrupt within seven years of being a student.
may file a Consumer Proposal. We will assist
• Subject to legal action or garnishment • Attend two counselling sessions;
you in developing a plan which will be presented The Length of Your Bankruptcy
of wages? to your creditors who then vote on whether to The Bankruptcy and Insolvency Act provides
accept your proposal. A Consumer Proposal • Keep the Trustee advised of your address,
• Making minimum payments on credit phone number and place of employment; that, dependant upon income, first time
can provide for repayment of less than the full individual Bankrupts may be automatically
card accounts? amount of the total debt.
• Provide the Trustee with your books discharged in nine months from the date of filing
• Exceeding your spending limit? and records, such as tax returns, bank their Bankruptcy. If the automatic discharge
Division I Proposals is opposed, the Court will decide whether a
• Having problems with health, family or If your debts exceed $75,000, a Division I statements, etc.; and discharge will be granted and may extend the
job performance? Proposal may be filed. A Division I Proposal • Surrender all credit cards to the Trustee for period of Bankruptcy and set other terms.
may also provide for payment of less than the full
Many people experience financial problems at return to the credit card company.
some time or another. The good news is that
amount of the debt. A PricewaterhouseCoopers Co-Signed Loans
Inc. professional can assist you in exploring Your filing for Bankruptcy does not release the
many of these problems have solutions. Contributions from Your
this option. responsibility of a person who co-signed your
The experienced financial counsellors at Future Income loan. He or she may be required to pay the debt.
Under either a Consumer or Division I
PricewaterhouseCoopers Inc. can help you in
Proposal, consumers are generally protected You will be required to complete and file monthly
determining if any of the following strategies Your Credit Rating
against garnishment, lease termination, loan statements of income and expenses during
are appropriate for you and can assist you in
accelerations and public utility disconnections the period of Bankruptcy. The Trustee will use Your credit record will contain information
the implementation of the one that suits your
as a result of filing a proposal. Wage assignments this information, together with government regarding your Bankruptcy or Proposal for
financial needs.
are also unenforceable after filing. standards, to determine the amount – if any – to approximately three to seven years. Creditors and
• Debt consolidation loan; be paid into the Bankruptcy Estate during the lenders may review this information when granting
Personal Bankruptcy Bankruptcy for the benefit of your creditors. new credit. You should notify credit reporting
• Informal arrangements with creditors; agencies of your discharge from Bankruptcy.
If your financial difficulties are very serious, and
• Filing a Consumer Proposal or Division cannot be solved by making arrangements with Credit Collection Proceedings
I Proposal; or your creditors, Bankruptcy may be the only Wage garnishees and most lawsuits are stopped Trustee’s Fees
alternative for you. In order to file for Bankruptcy, once you declare Bankruptcy. Most creditors are In most circumstances the Trustee’s fees are set
• Filing for personal Bankruptcy. your debts must total more than $1,000 and required to deal with the Trustee. by government regulations under the Bankruptcy
you must be unable to pay them when they and Insolvency Act. In general, the Bankrupt is
Debt Consolidation Loan become due. Debts Not Affected by Bankruptcy responsible for payment of Trustee fees prior
If you have too many monthly payments, a Bankruptcy is designed to provide two major Secured creditors are generally not affected by to discharge. PricewaterhouseCoopers Inc. will
consolidation loan might help. This is a loan benefits: the Bankruptcy process. Secured creditors arrange flexible terms for payment of these fees.
that puts all of your debts together under one (e.g. a bank, finance company or credit union) These terms will be discussed with you during a
lower monthly payment. Generally, if you get a •T
 o permit orderly distribution of a Bankrupt’s may still proceed against pledged assets to meeting with a qualified insolvency professional at
consolidation loan, you should not continue to non-exempt assets among creditors without recover debt once they have proven their PricewaterhouseCoopers Inc.
use your credit cards or borrow from other security to the Trustee.
expensive and time consuming legal
lenders. If you do, your financial situation may
once again become unmanageable. action; and
•T
 o allow the Bankrupt a fresh start without the
burden of unmanageable debt.