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
May 21, 2019
I would absolutely recommend Spergel. Everyone has been very respectful, helpful, professional; if you're having issues, speak with them. You'll be happy you did.
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May 16, 2019
I am so glad that I met this Organization Before I start filing my application I went to try many companies I did compare how they explain and the right funds suitable in my...
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May 15, 2019
This is the company you can really trust. Especially, we are very grateful to Beatriz Cabrera who made us feel at ease. She is respectful, kind, understanding and highly...
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May 15, 2019
I would recommend this to everyone. When you walk into the office you are made to feel at ease right away. Beatriz Cabrera was very kind and make you feel comfortable . This is...
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May 15, 2019
Great company, walked me through every step and communicated clearly everything required of me and concisely laid out what they do. They do a great job and I recommend them
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May 10, 2019
Steven, helped and guided me thru a difficult time in the the process, very professional on answering my questions and when ever I needed he was always available. Thank you
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April 23, 2019
Excellent team of professionals giving honest advice and helping you make the right decision. They are with you throughout they whole process.
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April 23, 2019
Very happy with your services, I was taken care of by staff that is knowledgeable she took time to explain everything to me. I feel supported. Thanks for everything.
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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