In Canada, if you declare bankruptcy, a consumer proposal or a Division 1 proposal, you must undertake two financial counselling sessions to help you manage your finances more effectively.

These financial counselling sessions are taught by a BIA Insolvency Counsellor and must be completed before you are discharged from your debts. They aim to educate you about maintaining good financial health to avoid debt trouble again.

What is a BIA Insolvency Counsellor?

A BIA Insolvency Counsellor works with a Licensed Insolvency Trustee to teach financial literacy after bankruptcy or a consumer proposal.

It’s called the Insolvency Counselling Program and is usually taught by a BIA Insolvency Counsellor, certified by the Office of the Superintendent of Bankruptcy (OSB).

What is the role of a BIA Insolvency Counsellor?

Under the Bankruptcy and Insolvency Act, anyone who works alongside a Licensed Insolvency Trustee providing insolvency counselling must be registered as a BIA Insolvency Counsellor.

A BIA Insolvency Counsellor is assigned to a Licensed Insolvency Trustee’s licence and will have at least 100 hours of experience under the guidance of a trustee.

They will have undertaken the Insolvency Administration Course from the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) or completed the relevant financial or accounting qualifications.

In addition, they must also complete The Practical Course in Insolvency Counseling, which provides the basic knowledge required by a competent Insolvency Counsellor.

Your BIA Insolvency Counsellor will have vast insolvency knowledge. They will also have previously delivered at least 50 BIA counselling sessions under the direct observation of a Licensed Insolvency Trustee.

They will be able to answer any questions on subjects such as money management, spending and shopping habits and the warning signs of financial difficulties.

You’ll also learn how to obtain and use credit sensibly and have the knowledge and tools to plan for the future.

Wrapping up

A BIA Insolvency Counsellor works alongside a Licensed Insolvency Trustee providing insolvency counselling.

Your counsellor will have vast experience in insolvency matters and be responsible for providing financial counselling sessions during your bankruptcy or consumer proposal.

If you need debt relief, let us connect you with a Licensed Insolvency Trustee, who will explain the options available to you and help you find a solution to your debts.

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