A Consumer Proposal May Be Your Solution
An alternative to filing bankruptcy, the Consumer Proposal is an interest-free repayment option that protects you against creditors and allows you to keep your assets.
A Consumer Proposal is a debt relief solutions that allows you to reduce your debt and repay a portion without interest. It is a formal, legally binding process with an offer to pay back a percentage of what is owed to your creditors, extend the time you have to pay off your debts – or both. It’s a repayment plan where you pay back your creditors, but often at a fraction of what you owe them.
The length and amount of your offer will depend on a combination of affordability and how your offer compares to bankruptcy. A Consumer Proposal is a popular alternative to bankruptcy because it allows you to keep your assets.
Benefits of a Consumer Proposal
- Allows you to keep your assets
- Stops collection calls and wage garnishments
- Freezes interest and penalties on your debts
- Reduces the amount you pay back on your debts by 70%
Eli’s Path to Debt Freedom
After cashing out an RRSP to pay for his wedding. Eli received an unexpected tax bill. With his other debts he could not afford to pay and eventually the debt grew. CRA decided to initiate a wage garnishment. We helped Eli avoid bankruptcy with a Consumer Proposal. Debt consolidation saved Eli’s pay cheque and his Consumer Proposal taught him to plan for unexpected expenses in the future.
customer
October 19, 2018
Spergel has your back. It doesn’t feel like they’re self-servingly steering you in a particular direction to get business. It genuinely feels like they have your best...
More Kelly Monbourquette
October 19, 2018
Evan is fantastic. He made me feel comfortable, and made sure I understood every step of the way.
More customer
October 2, 2018
A single mom of 2 with a steady job and a stellar credit rating who never had debt in her life walks into the last place imaginable - a bankruptcy trustee’s office, just shy of...
More customer
October 2, 2018
At 52 you do not expect your world to fall apart financially. You have heard that it has happened to "others" but not you. Chris, Karen and Parneeta are masters of the process,...
More Nadine
September 25, 2018
Chad Zizzo really helped me with my financial situation. He listened to my concerns and offered concrete realistic options. The whole process was both thorough and clear. If you...
MoreFrequently Asked Questions
Consumer Proposal vs. Bankruptcy
A consumer proposal gives you the flexibility to ensure your monthly payments fit into your budget. Unlike in a bankruptcy where payments are determined solely based on income, a proposal fixes your monthly payment. You decide what you can afford that offers a fair return to your creditors – based on your current earnings, not your future ones.
Who Qualifies For Consumer Proposals
Anyone with enough debt to file bankruptcy may also consider a consumer proposal. The proposal offer must be better than what creditors would get if you were to file a bankruptcy. WE will help you calculate this amount and use our experience provide advice on what an offer your creditors would likely accept.
Debt Help Learning Centre
If you’re just starting to explore your options, visit our learning centre to learn from our articles and resources to start on your path to debt freedom, and when you’re ready, our trustees are always available to listen.
hide me
