Consumer Proposals

What Can You Retain In A Consumer Proposal? When submerged in mounting debt, a Consumer Proposal stands as a beacon of hope. It not only provides a concrete plan to escape the quagmire of debt but also safeguards most, if not all, of your treasured possessions. This unique aspect sets it apart from Bankruptcy and … Read more

Consumer Proposal Voting Period Explored A consumer proposal is an increasingly favored solution for consumers grappling with their debts. Governed by the Canadian Bankruptcy & Insolvency Act, it’s a formal legal process overseen by a licensed bankruptcy trustee, also known as the Consumer Proposal Administrator. Consumer Proposal Voting At its core, the idea behind a … Read more

Consumer Proposal versus Debt Management Plan Are you struggling with debts and considering the best course of action? The options available to you might seem confusing, especially when considering a Consumer Proposal and a Debt Management Plan. Both are debt relief options, but they differ significantly in their approach, structure, and implications. This article aims … Read more

CRA & Consumer Proposals: What Does the Canada Revenue Agency Want? The Canada Revenue Agency (CRA) can be your creditor just like any other institution, and as such, it’s open to considering a consumer proposal. In essence, the CRA evaluates a consumer proposal based on its fairness and reasonability for all parties involved. In this … Read more

Understanding the Intricacies of a Consumer Proposal Dealing with debt can be a daunting endeavor. However, a consumer proposal can be a viable solution to avoid bankruptcy and negotiate a better settlement with creditors. If you’re wondering what information is needed for a Consumer Proposal, this comprehensive guide will provide you with all the necessary … Read more

Understanding the Process: What Happens When You Commit to a Consumer Proposal Dealing with massive debt can be overwhelming and stressful. However, taking the first step towards financial freedom is commendable, and you should be proud. Many individuals often assume that declaring bankruptcy is the only solution to their financial woes. While this may be … Read more

What to do if You Are Struggling to Make Your Consumer Proposal Payments Consumer proposals are increasingly being favored as a viable substitute for bankruptcy in Canada. They offer two main advantages:   Retention of assets which could be lost in bankruptcy. Potentially lower monthly payments especially if you have high surplus income.   Your … Read more

Navigating the Process of Filing a Consumer Proposal in Ontario A Consumer Proposal is an alternative to bankruptcy in Ontario, providing a legally-structured, negotiated agreement between you and your creditors. This article provides a comprehensive overview of what happens when you file a Consumer Proposal in Ontario, guiding you through the process step-by-step. 1. Initiating … Read more

Winning an ICBC Settlement After Initiating a Proposal: Unraveling the Complexities An ICBC settlement win post-proposal initiation is a situation that may seem intricate and confusing. However, it’s important to understand the circumstances to ensure you’re making the best decisions. Understanding the Premise First and foremost, it’s crucial to comprehend the premise of the topic. … Read more

Financial distress is a situation we all dread, but sometimes it’s an inevitable reality. When straddled with debt, finding a solution can seem like searching for a needle in a haystack. However, for many Canadians, a consumer proposal can be the light at the end of the tunnel. Yet, what happens when they fail to … Read more

Filing for a consumer proposal in order to settle debts is a common practice under the Bankruptcy and Insolvency Act. It’s a structured agreement that allows you to pay off your debts according to your financial capability at the time of filing. But, your financial situation is not a constant, it may shift positively or … Read more

Defaulting On My Consumer Proposal: What Are The Consequences? The outcome of defaulting on a consumer proposal can be daunting. When it comes to financial management, understanding the consequences of defaulting on a consumer proposal is essential. But first, let us delve into the concept of a consumer proposal. What is a Consumer Proposal? A … Read more

Navigating Post-Consumer Proposal Life: What Can One Expect? Consumer proposal – a term that can be intimidating to some, especially those embroiled in the throes of debt. But what exactly is a consumer proposal? Essentially, it’s a mechanism that allows individuals to repay their creditors at a rate they can afford, over a fixed period … Read more

Consumer Proposal Duties to Follow Once you’ve decided to navigate the financial turbulence via a consumer proposal, there are certain obligations you must fulfill to ensure its successful completion. Even though your trustee will accompany you throughout the journey, having a clear understanding of your responsibilities can facilitate the process. Here are the key duties … Read more

Life Post Consumer Proposal: What You Need to Know Navigating the financial landscape can be a daunting task, especially when dealing with something as significant as paying off a Consumer Proposal. The journey doesn’t end there; in fact, a new chapter begins – the phase of credit rebuilding and financial rehabilitation. It’s a time of … Read more

Understanding the Meaning of a Certificate of Full Performance of Proposal When you find yourself overwhelmed by debts, a consumer proposal can offer a viable way out. But what happens when you have completed all the requirements of your proposal? What Does a Certificate of Full Performance of Proposal Mean? This article provides an in-depth … Read more

Exploring Debt Alternatives After Having Previously Filed a Consumer Proposal Understanding that one is engulfed by a debt crisis can be an arduous realization. It can be even more daunting when you have previously grappled with debt issues. However, it is essential to understand that you are not alone in this struggle, and there exist … Read more