Debt Help For Self-Employed & Small Business Owners
We help you resolve business and tax debt while ensuring financial stability.
Here’s How We Can Help
Whether you’re self-employed, incorporated, or somewhere in between, we offer personalized options to help you move forward.
Consumer Proposal
A government-regulated way to reduce your debt and make one affordable monthly payment — interest-free.
A proposal is negotiated with your creditors by a Licensed Insolvency Trustee (Spergel) and stops all collections immediately.
Benefits
- Reduce your debt by up to 80%
- Stop interest, wage garnishments, and collection calls
- Keep your assets (home, vehicle, savings)
- One lower, predictable monthly payment
- Avoid bankruptcy and get a fresh start
- Full legal protection under the Bankruptcy & Insolvency Act
Bankruptcy
A legal process to eliminate overwhelming debt when repayment isn’t possible.
Bankruptcy offers the fastest path to a clean slate when you need immediate protection.
Benefits
- Erases most unsecured debts
- Immediate protection from creditors and lawsuits
- Wage garnishments and interest stop instantly
- Guided, structured process with support from your Spergel trustee
- Begin rebuilding your credit sooner than you think
Debt Consolidation
A loan that combines multiple debts into one payment — but you must qualify.
Unlike proposals or bankruptcy, consolidation is not a legal debt-relief solution. It doesn’t reduce your total debt and interest still applies.
- Requires good credit to qualify
- You must repay the full amount owing
- No legal protection from creditors
- Doesn’t reduce your overall debt
- Interest charges continue
Credit Counselling
A voluntary program that helps you review your finances and set up a repayment plan.
It may lower interest rates, but you still repay most or all of your debt.
- May reduce interest, but not your total debt
- Repayment plans usually take 3–5 years
- Not government-regulated
- No legal protection — creditors can still contact or pursue you
- Missing payments may cause the plan to fail
Debt Solutions That Work for You — Not Against You
When your personal and business finances feel tangled, you need clarity, not more complications.
We help business owners like you find real, structured relief from tax pressure, mounting debt, and creditor stress.
You might be wondering:
- “Can I include business debt in a consumer proposal?”
- “What happens if I owe CRA for HST or payroll?”
- “If I’m a sole proprietor, will this affect my credit score?”
We’re here to help you answer those questions with expert guidance. No judgment. Just a plan that fits your situation.
Find Out How Much You Could Save With a Consumer Proposal
A Consumer Proposal could reduce your unsecured debt by up to 80%, but how much could you actually save? Use our free, no-obligation Debt Calculator to get an instant estimate based on your unique situation.
Taking the First Step is Hard — But It’s Worth It
You don’t have to figure this out alone. Reach out today, and let’s take the weight off your shoulders together.
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Book a Specific Date/Time
Call Us During Business Hours
When you call, you will be connected with one of our Licensed Insolvency Trustees (LITs) during our regular business hours.
Toll Free: 1-877-557-7367
Monday to Friday 8am – 7pm EST
Saturday 9am – 4pm EST
Sunday 10am – 5pm EST
You can also reach us at one of our office locations phone numbers. See our list below on this page.
Text Us During Business Hours
From your phone, you will be connected with one of our Licensed Insolvency Trustees (LITs) during our regular business hours.
Monday to Friday 8am – 7pm EST
Saturday 9am – 4pm EST
Sunday 10am – 5pm EST
Not during office hours? Use our Chat on this page 24/7 and get connected for answers and live chat later.
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Sometimes a simple email is the way to get things rolling.
Expect a reply from us during our business hours:
Monday to Friday 8am – 7pm EST
Saturday 9am – 4pm EST
Sunday 10am – 5pm EST
Click the button below to reach or use our email address:
hello@spergel.ca
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How Consumer Proposals Can Offer Debt Relief for Self-Employed Canadians
If you’re self-employed or run a small business, your financial life is closely tied to your personal life, and when things get tight, it can feel like there’s no separation.
A consumer proposal can be a powerful solution that protects both your income and your future, without having to close your business or lose control. At Spergel, we’ve helped thousands of business owners restructure their debt through consumer proposals. We’ll guide you through what qualifies, what’s protected, and how you can move forward with your dignity and your livelihood intact.
quick facts
What a Consumer Proposal Can Help Protect:
Your Business Income & Tools of the Trade
As long as you continue to operate, you keep the tools, equipment, and income necessary to run your business, so you can keep earning while repaying a portion of your debts.
Your Personal Assets (Including Your Home & Vehicle)
A consumer proposal focuses on unsecured debts. It doesn’t touch your secured assets (like your home or vehicle) as long as you stay current on those payments.
Protection from CRA and Creditors
Once filed, all collection activity must stop, including wage garnishments, tax collections, and lawsuits from unsecured creditors.
Let’s take the pressure of your business
You deserve real answers, not more stress. Let’s talk about how a consumer proposal can help protect your business and your peace of mind.
FAQ
Your tax & business debt questions, answered
Can I include business debt in a consumer proposal?
Yes. If you’re a sole proprietor or carry personal liability for your business debts, those debts can be included in a consumer proposal. This may include credit cards, lines of credit, business loans, CRA tax debt (like HST or payroll deductions), and more. If your business is incorporated, we’ll help you explore options for both personal and corporate liabilities.
Will a consumer proposal shut down my business?
Not at all. Most self-employed individuals are able to continue operating their business throughout and after a consumer proposal. In fact, a proposal is often the best way to keep your business running while resolving personal debt. You’ll be able to protect key tools of the trade and focus on rebuilding without constant pressure from creditors.
What if I’m behind on HST, payroll taxes, or CRA payments?
You’re not alone, and there are solutions. CRA debts (like unpaid HST, source deductions, or income tax) can be included in a consumer proposal. Once you file, all CRA collection activity stops, including wage garnishments and frozen bank accounts. A Licensed Insolvency Trustee will negotiate a reduced repayment amount with CRA on your behalf.
How will this affect my credit and ability to operate?
A consumer proposal will appear as an R7 rating on your credit report, but it also shows creditors that you’ve taken responsible steps to repay your debts. You can continue accepting payments, invoicing clients, and operating your business while in a proposal. Many entrepreneurs begin rebuilding their credit during or immediately after the process.
I don’t know where my personal debt ends and my business debt begins — can you still help?
Absolutely. Many small business owners have personal and business finances that are intertwined, and that’s normal. At Spergel, we understand how messy it can feel. We’ll help you untangle it, assess what can be included, and build a plan that protects both your income and your future.
Get the Answers You’ve Been Searching For
Running a business is hard enough; dealing with debt shouldn’t be a mystery. Our experts break down what CRA can and can’t do, what debts can be included in a proposal, and how to protect your income, assets, and peace of mind.
Real Life Success Story
Learn how one of our clients resolved his tax debt and secured his family’s future.
*Based on a real client. For privacy, some details have been altered.
Understand Your Options with Our "Rebuilding After Debt" E-book
The journey doesn’t end with debt relief – it’s about building lasting financial stability.
This free e-book is designed for business owners and self-employed professionals like you, helping you take control of your financial future. It provides practical steps to rebuild your credit, create a sustainable budget for variable income, and protect yourself from future financial shocks.
What The CRA can & can’t do:
The CRA can garnish your wages and freeze your bank account
The CRA has stronger collection powers than other creditors and can bypass many of the steps required in other debt situations. They do not need to go to court to collect tax debt.
The CRA cannot collect from you indefinitely
There are time limits to how long they can pursue tax debts, and legal debt solutions can freeze their actions immediately.
The CRA can accept reduced payments through a consumer proposal
The CRA may accept reduced payments through a Consumer Proposal—but only when it’s filed by a Licensed Insolvency Trustee (LIT). This is the only way to file a Consumer Proposal and legally reduce what you owe.
Comparing Popular Debt Solutions
| Feature Comparison | Consumer Proposal | Financing |
|---|---|---|
| Who It’s For | For those with unmanageable debt and limited options | For those with good credit needing short-term help |
| How It Works | Legally reduces what you owe | Offers a new loan or line of credit |
| Interest | No interest is charged on the debt | Interest applies — can be high or variable |
| Credit Score Needed | No credit check required to qualify | Requires strong credit history |
| Impact on Credit Score | Shows as an R7 rating during the term | Can hurt credit if payments are missed |
| Legal Protection | Stops collection calls and wage garnishments | No legal protection from creditors |
| Handled By | Licensed Insolvency Trustee (LIT) | Bank or private lender |
| Repayment Terms | Fixed monthly payments based on what you can afford | Payment terms set by the lender |
Who It’s For
Consumer Proposal
For those with unmanageable debt and limited options
Financing
For those with good credit needing short-term help
How It Works
Consumer Proposal
Legally reduces what you owe
Financing
Offers a new loan or line of credit
Interest
Consumer Proposal
No interest is charged on the debt
Financing
Interest applies — can be high or variable
Credit Score Needed
Consumer Proposal
No credit check required to qualify
Financing
Requires strong credit history
Impact on Credit Score
Consumer Proposal
Shows as an R7 rating during the term
Financing
Can hurt credit if payments are missed
Legal Protection
Consumer Proposal
Stops collection calls and wage garnishments
Financing
No legal protection from creditors
Handled By
Consumer Proposal
Licensed Insolvency Trustee (LIT)
Financing
Bank or private lender
Repayment Terms
Consumer Proposal
Fixed monthly payments based on what you can afford
Financing
Payment terms set by the lender
Every business is unique. Let’s find the debt solution that works for yours.
Reach out to discuss your best options when it comes to settling your debt.
Mental Health Study
Did you know: financial stress doesn’t just impact your bank account; it affects your body, your routines, and your peace of mind.
For the self-employed and small business owners, the weight of debt is often carried in silence, tangled with personal identity and daily survival. The pressure to stay afloat, make payroll, and protect your name can take a heavy toll on your mental and physical well-being.
Is Your Small Business Debt Affecting Your Eating Habits?
Our Research Findings:
eating habits
44% of respondents reported changes in eating habits — from skipping meals to overeating — due to overwhelming debt stress.
Real Canadians. Real Results. Real Reviews.
Read the honest stories of debt relief, support, and financial clarity we’ve given to Canadians coast to coast.
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Tax refund and debt: should you use your tax refund to pay off debt?
Every year, millions of Canadians eagerly anticipate their tax refunds. As of March 11, 2025, the Canada Revenue Agency (CRA) reported that the average tax refund issued was approximately $2,000.
Tax season 2025: what you need to know
Tax season 2025 is just around the corner, and while filing your taxes can feel overwhelming, it’s also an opportunity to take control of your financial situation.
Business insolvency: what is it and how do you avoid it?
Business insolvency – or corporate insolvency – has been making headlines in Canada this month given the shocking statistics that reveal that business insolvencies shot up by more than 41% last year, as pandemic debts mount.
Business bankruptcy: options for debt help
The decision to declare bankruptcy is never made lightly – if you are self-employed or own a small business, this decision can become even more complex.
MEET The Team
Get to Know Our ‘Out-of-Office’ Side
Get to know the people behind the guidance; compassionate experts who care about your journey, not just your numbers.
where to start
What’s My First Step for Business or Personal Debt Help?
Whether your debt is tied to your business, your name, or both, the first step is speaking to a Licensed Insolvency Trustee.
LITs are the only professionals in Canada legally authorized to file consumer proposals or bankruptcies; the two federally regulated options that can stop CRA collections, freeze interest, and protect your income and assets.
At Spergel, we’ve helped thousands of entrepreneurs, freelancers, and incorporated business owners find relief, with clarity, not shame. We’ll take a full look at your financial picture (business and personal), answer your questions, and help you make an informed, pressure-free decision.
Everyone’s Situation is Different. Let’s Talk About You.
Book a free call with Spergel today. Together, we’ll create a personalized plan to help you move forward with confidence.
Here’s What to Expect When You Reach Out
You’ve carried your business, your team, your clients, but who’s helping you carry the stress?
Reaching out doesn’t mean failure; it means taking ownership. From the moment you contact us, you’ll be met by a Licensed Insolvency Trustee who understands how deeply personal business debt can feel. We’ll review your finances with care, answer your questions in plain English, and explore solutions that match your situation, not a one-size-fits-all formula.
Book Your Free Consult
Pick a time that fits your schedule. It’s confidential, judgment-free, and always free.
Speak With a Trustee
You’ll meet with an experienced professional who understands self-employed and small business challenges — no judgment, just solutions.
Get Clear on Your Options
Whether you’re behind on HST, overwhelmed by a business line of credit, or facing CRA pressure, we’ll explain what’s realistic — and what’s legally possible.
Leave With a Plan
You’ll walk away with a personalized strategy — and a real sense of relief that you don’t have to keep doing this alone.