What is a consumer proposal?
Who is the consumer proposal for?
This option is for an individual who has a monthly income that exceeds his or her current expenses, excluding debt repayment.
Also, a consumer proposal is advisable if you have seizable assets that you wish to keep. However, the proposal will have to consider the value of these assets.
Steps in the Consumer Proposal
First of all, it is important to know that only a licensed trustee in insolvency can file your consumer proposal. You can’t do it by yourself.
If you call on one of our experts, he or she will first perform a diagnosis that involves the following steps:
First, the budget must be determined. This determines the maximum amount you are able to pay back monthly.
Next, you will need to answer these questions:
- Is your income stable?
- Do you have seizable assets and what is their value?
- What is the nature of the debts and who are the creditors?
- Did anyone endorse any of the debts and in what amount?
- Is the total debt less than $250,000 if we exclude the real estate mortgage?
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The consequences of leaving are the same as for bankruptcy. This means that until you pay off your debts, the notation on your credit report will not change. Once the debt is paid off according to the terms, the annotation changes to reflect this on the credit report.
Our team will be able to guide you to verify if the consumer proposal is the right solution for you.
Do you have any questions? We have the answers.
When to make a consumer proposal?
If you are in a situation where you are unable to meet obligations as they come due, it is past time to make a consumer proposal.
If your total debt is not going down despite your monthly payments, you need to take action.
If your employment or medical situation has changed, it is time to consider this option.
If you are going through a divorce or separation, it may be difficult to make ends meet. You see a debt burden coming, call us quickly.
If you are facing wage or bank account foreclosure, it’s time to hire a trustee and look into the consumer proposal option.
Can I file a consumer proposal by myself?
No. Only a licensed insolvency trustee can file your consumer proposal and administer your file afterwards.
Can I keep a credit card as a consumer proposal?
No, you will not be able to keep your credit card as a consumer proposal.
Still haven’t found an answer to your concerns? Your first consultation is free, don’t hesitate.
All our solutions
Do you want to take control of your finances and leave with your head held high?
We are here to accompany you through this ordeal.
Declaration of bankruptcy
Get out of debt
and get back on track financially.
Consumer proposal
Avoid bankruptcy and eliminate
up to 50% of your debts.
Debt consolidation
Get a loan from a financial institution and combine all your debts into one payment.
Voluntary deposit
Refusal of an insolvent estate
Refusal of succession is the possibility for an heir to refuse the succession, i.e. to accept or refuse to inherit the property of the deceased.
For companies
Commercial bankruptcy is a procedure established by law to allow companies in financial difficulty to restructure and continue their activities.