Consumer Proposal Brampton

A Comprehensive Guide to Consumer Proposal Services in Brampton

Navigating the world of financial management and debt repayment can be challenging. If you’re struggling with debt, Consumer Proposal Services in Brampton might be the lifeline you need.

Understanding The Concept: What is a Consumer Proposal?

A consumer proposal is a legal agreement under the Bankruptcy and Insolvency Act. This agreement is made between you and your unsecured creditors, allowing you to repay a portion of your debt. The proposal process must be managed by a licensed Consumer Proposal Trustee in Brampton. It is crucial to note that the proposal’s validity depends on the approval of creditors who hold the majority of your debt.

152 Queen St. East, Brampton, ON, L6V 1B2

Brampton Consumer Proposal Office

The Cost of Filing a Consumer Proposal

When you opt for a consumer proposal, you’ll need to pay an initial filing fee of approximately $100. If your creditors accept the proposal, you’ll pay the agreed settlement over a period of up to 60 months. The repayment amount is determined by your income and the assets you own. Payments are made to the Trustee who then deposits them into a trust account. The Trustee’s fees are paid by your creditors out of the trust account following a specific tariff.

Advantages and Disadvantages of Filing a Consumer Proposal


  • Substantial reduction of debt with zero interest during repayment;
  • Effective for debt consolidation if you have a stable income;
  • Pauses collection action on student loan payments;
  • Suitable if you don’t qualify for a debt consolidation loan due to poor credit;
  • Allows the avoidance of bankruptcy, beneficial if you have assets.


  • More costly than bankruptcy;
  • Requires creditors’ approval, with a review period of 45 days;
  • May require an increase in the settlement amount per creditors’ request;
  • Only deals with unsecured debts, not affecting secured debts;
  • Negatively impacts your credit score with a record on your credit history for three years after full repayment.

Avoid Scams When Filing a Consumer Proposal

Beware of for-profit debt consulting companies that market consumer proposals as an easy way out of debt. Only a Licensed Insolvency Trustee can legally file and manage a consumer proposal. Some debt consultants have been known to charge hefty fees just to refer consumers to a Trustee. It’s essential to work directly with a reputable Consumer Proposal Trustee in Brampton to avoid such situations.

Choosing the Right Consumer Proposal Trustee in Brampton

Selecting a trustworthy and competent Trustee can make a significant difference in your financial recovery journey. Fong and Partners Inc. is one of the top-rated Trustees in the Greater Toronto Area and Brampton. They ensure constant communication, prompt responses, and personalized payment plans tailored to your budget.

The Alternative: Personal Bankruptcy

Filing for personal bankruptcy is another option if a consumer proposal is not viable for you. The Bankruptcy and Insolvency Act regulates this legal process. You will be relieved from all debts except for certain types of secured debts and loans. The cost of filing bankruptcy depends on your income, and the process lasts for either 9 or 21 months, depending on whether you have surplus income or not.

The Bankruptcy Process

During bankruptcy, you must attend financial counselling sessions with your Trustee and maintain a record of your monthly income and expenses. The Trustee will also prepare and file your tax return for the year you filed bankruptcy.


Whether you choose a consumer proposal or bankruptcy, the goal is to regain control over your financial health. With the right guidance and support from Consumer Proposal Services in Brampton, you can successfully navigate your way out of debt and towards a financially secure future.

Contact Us Today

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