Summary
Richard is unable to pay his bills and unsure what to do. He talks to a Licensed Insolvency Trustee to explore the different ways he can deal with his debt.
Transcript
(Soft music begins and continues in the background throughout the video. The blank screen has the Government of Canada logo at the top left and the Canada wordmark on the bottom right. A broad bar of dark grey opens up between the logo and wordmark, revealing in the centre the title, "Discussing your options with a Licensed Insolvency Trustee." The title collapses, the logo and wordmark fade out, and the screen is blank again.)
This
(An illustration of a man's face appears: clean-shaven with short hair. All the people in the video are represented by illustrations of their faces. Then his name, Richard, fades in below the illustration. Richard has a weak smile.)
is Richard.
(Richard's expression brightens.)
Unable to pay his bills,
(Richard's expression changes from a smile to dismay.)
he is unsure what to do.
(A horizontal bar appears on Richard's right, pointing to his bills, which grow bigger but are also almost completely covered by a large question mark.)
(The image of Richard, and his bills and the question mark spin out of sight. A new image appears: on the left is a diploma that represents a licence for a licensed insolvency trustee, and to its right is another face, this time of a smiling woman with curly hair who is the licensed insolvency trustee. She blinks occasionally.)
On the advice of a close friend, he contacts a Licensed Insolvency Trustee,
(The trustee raises her eyebrows.)
a professional who is licensed
(The trustee's gaze shifts from the viewer to her licence, and then back to the viewer again.)
by the Office of the Superintendent of Bankruptcy Canada.
(The licence floats off to the left of the screen and the trustee's face moves to the centre of the screen.)
(A white dot creates a trail of blue that encircles most of the trustee's face, looking like a large letter "C" tilted slightly forward, while the narrator speaks.)
While Licensed Insolvency Trustees can and do handle bankruptcies, they can also offer information about other possible options.
(The circle around the trustee disappears and three similar but smaller circles appear below the trustee, each partly encircled by the trail of blue, though as a backward "C" with each "C" at a slightly different angle, and with a white letter "i" in the middle representing "information" about the different options. The trustee's gaze shifts to look at the circles below her.)
(The trustee zooms out and disappears. The word "Budgeting" appears a letter at a time. A graphic of four vertical bars displays above Budgeting, with a different-coloured circle in each one, with the circles in different positions inside the bars. The bars dissolve and the four circles get bigger, lining up two by two. A new, thicker bar forms a box around the circles and the words "Debt consolidation" appear to the right of the box. Debt is much more prominent, and supported by the word consolidation.)
These might include reworking his budget, consolidating his debts,
(The debt consolidation graphic drops off the bottom of the screen, and is replaced by a graphic of a house that appears to draw itself on screen, and a car that comes into the driveway, with the words "selling assets" below the graphic.)
selling his assets,
(The selling assets graphic disappears off the left of the screen. The word "proposal" appears, a letter at a time. Over the word, a graphic of three file folders appears, one folder at a time.)
or offering a proposal to his creditors.
(The folders and the word proposal dissolve.)
Whatever option Richard chooses,
(A line of the options (graphics and words) fades in: budgeting at the far left, then debt consolidation, selling assets, proposal, and a new one, bankruptcy, which has above it a graphic of a gavel casting a shadow.)
the trustee will thoroughly explain the process.
(The options dissolve and Richard fades in. He blinks occasionally.)
Of course, Richard has many questions,
(Four speech bubbles fade in around Richard. One bubble displays a credit card, one displays a house, one displays wedding rings and one displays a car.)
all of which the trustee takes the time to answer.
(The images inside the bubbles change to the small circles around the letter "i," representing the information provided by the trustee.)
Richard is pleased to get all this information from the trustee.
(Richard and the speech bubbles fade out.)
Knowing the options
(A series of coins drop from the top of the screen, forming a pile.)
allows him to be confident
(The top coin jumps before it settles.)
he is taking the steps necessary
(The pile of coins disappears off the left of the screen.)
to getting his financial house back
(A graphic of a house with a dollar sign, a "financial house," draws itself.)
in order.
(The financial house disappears off the left of the screen. A white dot creates a trail of blue along the bottom, coming from the right of the screen. It curves upward just past the middle of the screen, and near the top it curves back to the right. The blue trail ends in a gentle curve at the bottom of the screen. The trail is framing one side of an image that has faded in of a calculator. At first the calculator has an orange display that does not show any numbers.)
Are you in financial trouble?
(The calculator display starts to show numbers that change rapidly, dropping into negative numbers while the display turns red.)
Not sure where to turn?
(The calculator collapses and the blue trail retraces its path and disappears off the right of the screen. An office building with the Canadian flag pops up from the bottom of the screen.)
Regulated by the Office of the Superintendent of Bankruptcy Canada,
(The office building collapses. A graphic appears, with a brown box on the bottom and a green box on top. A hand appears in the bottom box and another hand comes from the top box to help pull it up.)
Licensed Insolvency Trustees are there to help—
(The two boxes become one large green box and then collapse and disappear.)
and they are the only professionals
(The URL www.canada.ca appears below a row of five different trustees, who have zoomed in one at a time. They alternate woman, man, woman, man, woman. The Licensed Insolvency Trustee in the centre is the trustee who helped Richard.)
who can file a consumer proposal or bankruptcy application in your name.
Visit our website to locate a Licensed Insolvency Trustee in your area.
(The trustees and URL disappear.)
(The screen fills with four boxes. The top left box says: "What to expect if you file for bankruptcy." The top right box says: "Submitting a consumer proposal to your creditors." The bottom left box says: "Understanding the bankruptcy discharge." The bottom right box says: "Bankruptcy and surplus income payments." A cursor appears to be clicking on the top left box.)
While visiting our site, you may want to view other videos that help explain the options open to you.
(The screen fades out. The Canada wordmark appears in the centre of the screen. The music fades out and the wordmark eventually dissolves.)
Related videos
- What to expect if you file for bankruptcy
- Submitting a consumer proposal to your creditors
- Understanding the bankruptcy discharge
- Bankruptcy and surplus income payments
- All OSB videos