Do you find it difficult to manage your financial situation? Are you constantly worried that you won't have enough money to pay your bills? Are your living expenses unrealistic when compared to your income? If you've answered yes to any of these questions, you may need some financial guidance.

If you spend more than you make, you should look at making some changes. If you cannot honestly expect to bring your debts in line, come and talk to us. Counselors at the Service Nova Scotia and Municipal Relations will be pleased to provide assistance in setting up a budget or in outlining your financial options at no charge.

The Orderly Payment of Debts Program

Our counselors will review your budget with you, and advise what the best option would be for you under our Debtors' Assistance Program. Together, we can decide if the Orderly Payment of Debts (known as O.P.D.) would be beneficial for your situation. Under O.P.D., individuals are able to repay their bills over a maximum of five years, at an interest rate of 5 % per annum, while maintaining an adequate standard of living.

If you are registered under O.P.D., you will make one monthly payment to the Service Nova Scotia and Municipal Relations, in trust. The money will be paid to your creditors on a quarterly basis. Creditors can no longer contact you, or take legal action against you; they must deal with the Department of Service Nova Scotia and Municipal Relations. You are also not permitted to get any more credit while on the program.

Consumer Proposal Program

As with the O.P.D. program, our counselors will review your financial situation with you. Under this program, debtors make a proposal to their creditors offering to pay off a percentage of their debts. Payments can be in the form of a lump-sum payment, payments on a regular basis up to 60 months, or a combination of both these terms. The process is more formal than O.P.D., in that it provides for a meeting of creditors and involves the Superintendent of Bankruptcy as well as the Supreme Court. Together with a department program administrator, a consumer under this program develops a proposal to be presented to all his/her unsecured creditors. The creditors have forty-five days in which to accept or reject the proposal; during this period all creditor activity to collect on the accounts stops. If the proposal is accepted, payments to the Department can be made in a lump sum or monthly basis as called for in the proposal. These funds are distributed to the creditors quarterly. Consumers with unsecured debts less than $75,000.00 (excluding mortgages) are eligible to make a proposal. Under this option, debtors must attend two mandatory counseling sessions.

If you think you need the services of one of our counselors, please call us at Service Nova Scotia and Municipal Relations through our Access Nova Scotia Centres. Call us at (902) 424-5200 or toll free in Nova Scotia 1-800-670-4357.  You may also choose the other options under the Bankruptcy Act, such as a consumer proposal (with the consent of your creditors) or personal bankruptcy. Managing your money wisely is the best way to avoid financial problems.

Related Website:
Debtor Assistance/Consumer Proposals

Check location information for the nearest
Access Nova Scotia Centre.