Consumer Proposals Ontario

A consumer proposal is a formal offer to your creditors to settle your debts, usually for an amount less than what is owing, but for a greater amount than the creditors would receive if you filed for bankruptcy. You offer to pay an amount that you can realistically afford, for a fixed period of time – often up to 5 years.

Continue reading to learn if our consumer proposal in Ontario are right for you:

The Benefits of a Consumer Proposal

The benefit of a consumer proposal over a bankruptcy is that you generally get to keep your assets. If approved by your creditors you will have a binding debt repayment contract. Make your payments as agreed and you will have no further obligations to your creditors.

A SPERGEL customized proposal allows you to free up money at certain times of the year to help you through the periods when you need money the most. This can be accomplished by setting up your payment schedule in several ways:

  • Setting up monthly payments in higher or lower values at certain times each year.
  • Extending payment to allow for months with no payments.
  • A small fixed amount over a period of up to 5 years.

Why You Should Choose Us For Your Consumer Proposals:

  1. We will meet with you to review your options and the proposal process.
  2. We will help you prepare a debt repayment schedule for your creditors that is less than the amount owed but is within your ability to pay.
  3. We will file your proposal and end harassing collection calls and garnishments immediately.
  4. We will send the plan to your creditors for approval.
  5. If at least 50% of your creditors accept your proposal it becomes legally binding on all of the creditors.
  6. When you finish the repayment schedule the remaining balances of your debts, with a few exceptions, are forgiven.
  7. After making all payments as agreed, we will issue you a Certificate of Completion that ends the Consumer Proposal process.

Reach Out to Us For Financial Freedom!

Our Licensed Insolvency Trustees have helped thousands of people get out of debt using consumer proposals. With offices across the province, we are sure to have a licensed insolvency trustee in your area who can help you solve your debt problems and move on with your life. Contact us today to learn more about our consumer proposal in Ontario!