Consumer Proposals

Reduce Your Debt and Regain Financial Control

If you’re struggling with overwhelming debt, a Consumer Proposal may provide a practical alternative to bankruptcy. This government-regulated debt relief solution can help you reduce what you owe, stop collection activity, and consolidate your debt into one affordable monthly payment.

Depending on your financial situation, a Consumer Proposal may reduce your eligible unsecured debt by up to 80%. Once accepted, your eligible debts are consolidated into one affordable monthly payment for a period of up to 60 months, with no further interest charges on the debts included in the proposal.

What Is a Consumer Proposal?

A Consumer Proposal is a formal agreement between you and your unsecured creditors that allows you to repay a portion of your debt over a set period of time.

Through a Consumer Proposal, many individuals are able to significantly reduce the total amount they owe while making one manageable monthly payment.

Consumer Proposals are legally binding and are administered under Canadian insolvency legislation.

By law, only a Licensed Insolvency Trustee can file and administer a Consumer Proposal under Canadian insolvency legislation.

Benefits of a Consumer Proposal

A Consumer Proposal may offer several advantages, including:

• Reduce the total amount of debt you owe
• Depending on your financial situation, reduce eligible unsecured debt by up to 80%
• Consolidate multiple debts into one affordable monthly payment
• Stop collection calls and collection actions
• No additional interest charges on debts included in the proposal once accepted
• Avoid bankruptcy in many situations
• Keep your assets, including your home, vehicle, and investments in many cases
• Repay your debt over a period of up to 60 months
• Gain peace of mind and a clear path toward becoming debt-free

Is a Consumer Proposal Right for You?

A Consumer Proposal may be worth considering if you:

• Are struggling to keep up with several monthly debt payments
• Have significant credit card or line of credit debt
• Are facing collection calls or legal action from creditors
• Owe CRA tax debt or other unsecured debts
• Want an alternative to bankruptcy
• Need a more affordable repayment solution
• Carry an unsustainable debt burden

Every financial situation is different. The best way to determine whether a Consumer Proposal is the right option is through a confidential consultation where we can review your unique circumstances and discuss all available solutions.