Frequently Asked Questions

Clearwise Solutions connects Canadians who are struggling with debt to licensed debt professionals, including Licensed Insolvency Trustees, so they can explore available debt relief options.

Yes. The online assessment is free and there is no obligation to proceed with any debt relief option.

A consumer proposal is a legal debt solution arranged through a Licensed Insolvency Trustee. It allows you to offer creditors a reduced repayment amount through manageable monthly payments.

Bankruptcy is a legal process that may eliminate overwhelming unsecured debt when repayment is no longer realistic. It must be filed through a Licensed Insolvency Trustee.

Debt consolidation combines multiple debts into one payment. It may make repayment easier to manage and may reduce interest depending on your credit, income, and lender approval.

Yes, credit card debt is commonly included in many debt relief options, including consumer proposals and bankruptcy.

In many cases, CRA tax debt may be included in a consumer proposal or bankruptcy. A Licensed Insolvency Trustee can confirm what applies to your situation.

In many formal debt relief options, collection calls and creditor actions may stop once the process is filed through a Licensed Insolvency Trustee.

In many cases, wage garnishments can stop after filing a consumer proposal or bankruptcy. This depends on your situation and the type of garnishment.

Not necessarily. Asset rules depend on your province, equity, debt solution, and individual circumstances. A licensed professional can explain what may apply to you.

Most debt relief options can affect your credit. However, if you are already missing payments or in collections, your credit may already be affected. Many people rebuild credit after completing a debt solution.

Consumer proposals can last up to five years, but they can often be paid off early without penalty.

Yes. In many cases, you can pay off a consumer proposal early, which may help you begin rebuilding credit sooner.

Qualification depends on your total debt, income, assets, and ability to repay. Even if you are unsure, completing the assessment can help determine what options may be available.

No. There is no obligation. You can review your options and decide what is best for your situation.

Yes. Your information is treated as confidential and is used to connect you with appropriate debt professionals. Please review our Privacy Policy for more details.

After submitting your assessment, a debt professional or referral partner may contact you as soon as possible, depending on availability and business hours.