A debt management plan also known as a debt consolidation or debt payback program is a service provided by credit counsellors that allows you to pay off your obligations in full, often with lower interest rates or a longer repayment period. Credit counsellors contact your creditors on your behalf to offer a payment schedule based on your ability to pay with this choice. The Bankruptcy and Insolvency Act of Canada regulates the consumer proposal and bankruptcy processes. A licenced insolvency trustee Like Lazard and Associates must assist with these procedures.