Consumer Proposal Surrey

Understanding Consumer Proposals in Surrey

A Consumer Proposal is a formal agreement arranged between you and your creditors, governed by the Bankruptcy and Insolvency Act. This legal process allows you to pay back a portion of your debt, based on your income and assets. However, navigating this process isn’t always straightforward. This guide aims to provide you with comprehensive information regarding Consumer Proposals in Surrey and the available alternatives.

What is a Consumer Proposal?

A Consumer Proposal is a legally binding process initiated by a bankruptcy trustee. This process allows you to repay part of your debt based on your income and what you own. The cost to set up a Consumer Proposal is approximately $1,500, which includes an initial setup fee and a balance payable upon acceptance by your creditors.

Advantages and Disadvantages of a Consumer Proposal

Like any debt repayment option, a Consumer Proposal has its pros and cons.


  • Debt Reduction: A significant advantage is the potential to significantly reduce the amount of debt you’re required to repay.
  • Consolidation of Debt: If you can’t afford to pay your total debt, but have a stable income and can afford monthly payments, a Consumer Proposal can be an effective way to consolidate your debt.
  • Pauses Collection on Student Loans: It will pause active collection on student loan payments.
  • Avoid Bankruptcy: It is one of the last ways to avoid bankruptcy.


  • Public Record: A Consumer Proposal is a public record and is included in a searchable database.
  • Costs More Than Bankruptcy: The process costs more than filing for bankruptcy.
  • Need Court’s Approval: The court must approve your Consumer Proposal.
  • Creditors Can Reject: Creditors can reject your proposal.
  • Risk of Asset Selling: You might need to sell some of your assets.
  • Risk of Bankruptcy: If you miss more than two payments, you may need to file for bankruptcy.
  • Certain Debts Can’t Be Included: Secured debts, and student loans less than 7 years old can’t be included.

King’s Cross, #200, 7404 King George Blvd., Surrey, BC, V3W 1N6

Surrey Consumer Proposal Office

Life Beyond Debt

Dealing with debt can be overwhelming, but remember there’s life beyond debt. Getting professional help can provide instant relief and guide you towards the right solution.

Beware of Scams

Unfortunately, Consumer Proposals have become a way for some debt relief companies to take advantage of vulnerable individuals. These companies claim to offer Consumer Proposals but charge exorbitant fees before referring you to a bankruptcy trustee.

Avoiding Scams

  • Seek advice from a non-profit Credit Counsellor about your financial situation.
  • Only pay money to a licensed bankruptcy trustee for Consumer Proposal services.
  • Understand how the person helping you is compensated.

Impact on Your Credit

Filing a Consumer Proposal has an impact on your credit report. There will be a note in the public records section that you have filed a proposal. In addition, your creditors may report a “7” rating on the debts included in the proposal.

Contact Us

If you’re facing financial difficulty, you can speak with one of our professionally trained Credit Counsellors today, either in person or over the phone. Our appointments are free, non-judgmental, and completely confidential.

How a Licensed Trustee Can Help

A licensed trustee can help you navigate the complexities of dealing with debt. For over 50 years, Harris and Partners have helped people understand their rights, obligations, and options in dealing with debt.

Why Choose Bankruptcy Canada

Bankruptcy Canada is a licensed insolvency trustee providing specialist bankruptcy, insolvency, and debt-relief advisory services across British Columbia.

Other Solutions

Apart from Consumer Proposals, there are other solutions administered by Bankruptcy Canada, including informal debt settlements, debt consolidation, and personal bankruptcy.

Wrap Up

A Consumer Proposal may be a good option for some people, but it’s not the best option for everyone. To find out what other options you have, speak with a professionally trained Credit Counsellor today.

Contact Us Today

We help Surrey residents get out of debt with our government licensed consumer proposal services.

Benefit from the Personal Touch of a Licensed Consumer Proposal Expert in Surrey

Bankruptcy Canada is a respected group of licensed insolvency trustees who can offer expert advice and tailored debt relief solutions to individuals and businesses in Surrey, regardless of their financial circumstances. We make diligent efforts to assist debtors in eliminating their debts and getting a fresh financial start. We can help lessen our clients’ debt burdens while upholding their dignity, stop wage garnishments, stop collection calls and stop all legal court actions against you.

Get out of Debt and have family bliss and happiness
We can help you determine whether a consumer proposal is right for you

A Consumer Proposal is your Chance for a Fresh Start in Surrey.

Call for a free and confidential consultation at our Surrey Office for immediate help with debt relief through a Consumer Proposal in Surrey.