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.
November 13, 2018
Timely, professional and courteous service. Many Thanks.More
November 11, 2018
Perfect! Fast and qualityMore
Charles O Kirkness
November 7, 2018
Spergel has made life much easier for me over the Bankruptcy procedure of the last 18 months. that I experienced with my company. Firstly, your mind keeps going over in your head...More
November 7, 2018
Everyone is accommodating. Chris explained it clear and I am so glad that I came to this place. I will recommend spergel to anyone that needs help to recover from debt.More
November 2, 2018
I am happy because they take enough time to listen and understand the situation of a person and help him/her the max to come out free and restart their peaceful life.More
November 1, 2018
I had a very good experience. They were very helpful, truthful and cooperative. They gave me some very good advice. Especially praneeta was very helpful but they have all been...More
October 31, 2018
Chris Galea, Trustee, is great. He has been kind, understanding, non-judgmental, down-to-earth, and full of experience while guiding us through a really difficult and vulnerable...More
October 31, 2018
It was a great experience we were treated with respect and everything was explained to us. They give us the time we were not rushed and that is great!!!!!More
Frequently 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.