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 solution 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.
Mother of client
December 10, 2019
I spoke with Hinna at Spergel for some advise and she was tremendously helpful. I feel I understand the choices available to my daughter and can send her to meet with them and not...
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December 6, 2019
When first I walk in to the office I have lots of stress but the patient ,and quiet trustee who has a unique smile helps me to calm down. Trustee was listening to me with full...
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December 6, 2019
Hinna is so amazing. She helped me through every question and concern I had. I know I made the right call with this company.
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December 4, 2019
I found myself in a very upsetting and emotional situation. I found the staff to be very sympathetic and helpful. They put me at ease and explained how everything would work. I am...
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December 4, 2019
I was pleasantly satisfied with the service. Michele, Perveen, Emilia, Kelly and Chris were great to deal with. It was definitely a stress releaser. I would highly recommend...
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December 4, 2019
I am ver happy to choose Spergel for my financial situation Miss Cabrera is very profesional and well knowledge person No doubt I will recomend her
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.
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