Many people are struggling with debt and often they put off dealing with their debt for as long as possible.
You’re embarrassed and afraid that you might have to go bankrupt.
Need Help Reviewing Your Financial Situation?
Contact a Licensed Trustee for a Free Debt Relief Evaluation
Many Canadians do not know of all of the bankruptcy alternatives that are available.
Fortunately, there is a popular alternative to bankruptcy – a consumer proposal.
Filing a consumer proposal is becoming a more popular alternative to bankruptcy each year.
The reason proposals are increasing annually is better consumer education on their options.
If you are considering a proposal or going bankrupt, you are not alone.
Over 100,000 Canadians go insolvent by making a proposal or going bankrupt every year.
Most of these people are honest and responsible citizens who encountered an unexpected situation.
Like a bankruptcy, a proposal is a formal, legal process regulated by the Canadian government.
The Trustee will help you develop a proposal plan, which is an agreement to pay a percentage of what you owe to your creditors.
A proposal could also increase the time you have to pay your debt, or both.
A proposal can last for up to 5 years, and covers debts of up to $250,000 (not including mortgage debt on a principal residence).
Filing a consumer proposal is a popular way of getting out of debt and avoiding bankruptcy.
However, not everyone is a good candidate for a consumer proposal.
Am I a Good Candidate For a Consumer Proposal?
A good candidate for a consumer proposal is a person who has a regular source of income.
Creditors will accept your proposal if you offer more than your creditors would receive in a bankruptcy.
Your Trustee helps make a proposal plan that will be acceptable to your creditors.
Need Help Reviewing Your Financial Situation?
Contact a Licensed Trustee for a Free Debt Relief Evaluation
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?
Consumer Proposal Eligibility
How to Amend a Consumer Proposal
