A process under which services of a qualified counsellor are made available to assist and educate bankrupts and/or relatives of bankrupts, or consumer debtors, on good financial management, including prudent use of consumer credit and budgeting principles; in developing successful strategies for achieving financial goals and overcoming financial setbacks; and at any time, where appropriate, making referrals to deal with non-budgetary causes of insolvency (e.g.: gambling, addiction, marital and family problems, etc.).

Individuals are required to attend two financial counselling sessions when they file either a bankruptcy a consumer proposal. If a bankrupt or a consumer debtor does not attend these counselling sessions within the prescribed time periods this can affect their discharge from bankruptcy or the Full Performance of their consumer proposal.