Credit Counselling Sessions

As part of a bankruptcy or consumer proposal, you are required to complete credit counselling sessions. These sessions are not a test, and they are not designed to judge past decisions. Their purpose is simple: to help you build strong money and credit management skills so you can remain debt free once your bankruptcy or proposal is completed.

When Are the Sessions Held?

You are required to complete two mandatory credit counselling sessions as part of your insolvency filing. Both sessions are required by federal law and are overseen by the Office of the Superintendent of Bankruptcy.

The sessions are spaced out during your bankruptcy or consumer proposal:

  • 1st Session – between 10 and 90 days after filing
  • 2nd Session – any time after 30 days from the first session and before you are discharged

These sessions can be held in person or by video.

Can I Have More Than Two Sessions?

Yes. At Hoyes, Michalos we are committed to helping ensure you have the tools and knowledge you need to rebuild your finances after bankruptcy or a proposal. If you feel an extra session would help, we are happy to arrange a free extra session for you.

What Is Covered in Credit Counselling?

The counselling program follows national guidelines set by the Office of the Superintendent of Bankruptcy. While the exact format may vary, the core topics are consistent.

Our goal is to ensure we provide practical financial advice around money and credit management that is relevant to you.  Your counsellor will review your unique situation, and then based on your needs will discuss budgeting, financial goals, spending habits, and responsible use of credit. At Hoyes, Michalos our credit counsellors will discuss what you want to talk about, which may include:

Money Management and Budgeting

Recognizing Warning Signs

Rebuilding Credit

The government has information to assist you, including: