GET DEBT RELIEF WITH A CONSUMER PROPOSAL
A consumer proposal is a popular option to reduce your debts and avoid bankruptcy
Why file a Consumer Proposal?
A consumer proposal helps relieve the stress of paying multiple creditors each month by instead paying one monthly payment with no interest.
Advantages of Consumer Proposal
Reduce debts by up to 80%
Keep all your assets, including house, vehicle and investments
Consolidate all debts into one monthly payment
Stop creditor calls and letters and wage garnishments
Pay off as soon as you want
What debts are included?
Most debts are included except for secured debts which are attached to assets like a vehicle or house
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Credit cards
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Payday loans
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Personal loans
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Lines of credit/overdraft
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Tax debts
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Co-signed debts
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Vehicle loans (if vehicle returned to lender)
Do I qualify for a Consumer Proposal?
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You are at least 18 years old
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Total unsecured debts less than $250,000
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You must either reside or have assets in Canada
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You want to avoid bankruptcy to protect important assets like your home and investments​
How do I Get Started?
Step 1
Fill out our Form - We will contact you for your free, confidential financial consultation​​
Step 3
Prepare Documents - We will prepare the documents to submit an offer to your creditors. We may ask you for additional documents, such as proof of income and assets.
Step 2
Attend Consultation - We will review your financial situation and explore all debt relief options
Step 4
Review and Sign Consumer Proposal documents - Once signed in person or video call, we file your proposal and send to your creditors
CONSUMER PROPOSAL FAQs
How Much Debt Can You Reduce With a Consumer Proposal? Depending on your financial situation, you can reduce your unsecured debts by up to 80%. Creditors will look at your assets, income, liabilities, budget and whether you have filed for bankruptcy before to determine whether they will accept your consumer proposal. You will still be responsible for paying your secured creditors such as for a car loan.
How Much Does it Cost? In a consumer proposal you agree to make payments usually monthly to the Licensed Insolvency Trustee for an amount agreed to your creditors. The Licensed Insolvency Trustee's fees come from your monthly payments, so there are no extra charges and no interest on your debts while in a consumer proposal.
How long does it take to complete a consumer proposal? A consumer proposal must be completed within 60 months once accepted by creditors. However, it can be completed sooner if you increase your monthly payments or make a lump sum payment.
Consumer proposals can be helpful debt relief option, but it's important to understand their downsides
A common concern before filing a consumer proposal is how will it affect my partner.