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Consumer Proposals: How to Negotiate With Your Creditors and Avoid Bankruptcy
A consumer proposal in Canada is quickly becoming a popular alternative to bankruptcy. Consumer proposals allow you to negotiate with your creditors to repay only a portion of your debt. A consumer proposal is the most effective way to get out of debt and avoid bankruptcy.
Learn more about consumer proposals by following these links
What is a consumer proposal?
How does a Consumer Proposal Work?
Consumer Proposal vs. Bankruptcy
What is the Consumer Proposal Process?
Does OSAP Impact My Consumer Proposal? Short for the Ontario Student Assistance Program, it is a major component of many household financial considerations. What many wonder is whether the OSAP will impact the consumer proposal – and vice versa. As a provincially and federally funded program, there are special considerations to take when including this … Read more
Will My Income Tax Refund Be Seized By The CRA? Especially for low to middle income households, the rights of the CRA to set off your income tax return can be a major concern. Essentially, this is when a refund owing to the consumer in a previous income tax year is seized and applied towards … Read more
Stopping Collection Calls With a Consumer Proposal One of the biggest values for stressed and indebted consumers is the ceasing of collection calls upon filing consumer proposals. These frequent communications can impact both mental and physical welfare of the consumer (who is already facing financial difficulty). With consumer proposals, your collection calls should stop within … Read more
Can I Continue as a Real Estate Broker if I Go Bankrupt / Make a Consumer Proposal? While many consider bankruptcy from a personal standpoint, there are also professional ramifications to take into account. A common concern is what impact a bankruptcy filing will have on a real estate license in the province of Ontario. … Read more
How Will My Consumer Proposal Impact My Work? A consumer proposal offers an alternative to bankruptcy for people who have debts that total no more than $250,000 (excluding debts secured by a residential property). A consumer proposal allows you to retain all of your assets, unlike when you file bankruptcy. It is administered by a … Read more
Many people turn towards Consumer Proposals as an alternative to filing for bankruptcy. A way of cutting down repayments so that they are mangeable, they can be a very powerful way of regaining hold of your finances and getting back on your feet. However, when you file a Consumer Proposal, you could run the risk … Read more
Sponsorship While in a Consumer Proposal Debt doesn’t discriminate. It can affect people from different backgrounds or countries of origin. Hence, our Licensed Insolvency Trustees provide help to residents in Canada every day, whether they are Canadian-born or not. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation … Read more
Stopping a Wage Garnishment By Filing a Consumer Proposal With Creditors When you are in debt, you could have multiple creditors who you owe money too. Creditors will often explore multiple options to gain money that they are owed or entitled too. This could include court-mandated wage garnishments where the amount owed is deducted from … Read more
What Happens When I Submit a Consumer Proposal? Submitting a consumer proposal to creditors can be a complex issue. In this case study, you’ll find everything you need to know about this process. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation Case Study: … Read more
A consumer proposal is an offer to your creditors that you propose. The offer is the amount of debt that you can afford to repay without putting too much pressure on your personal situation. Since this is an offer it can either be rejected or accepted by the creditors. Assuming it is accepted the amount … Read more
RBC as a Creditor in a Consumer Proposal A consumer proposal is an offer to your creditors for how much debt you can afford to pay back. If creditors agree, you can reduce your level of debt dramatically, although this will impact your credit rating. However, since the proposal is an offer, creditors can either … Read more
Is a Consumer Proposal or Bankruptcy “The Easy Way Out”? If creditors are chasing you for money you don’t have, it can be stressful. Fortunately, there are two legal mechanisms that you can use to free yourself from endless phone calls, letters and threats of legal action: bankruptcy and consumer proposals. Both these facilities provide … Read more
Consumer Proposals and Bankruptcy: Is There a Difference? One of the first steps towards paying off your debt is to explore all of your options. And through this process, you might have come across two options – a Consumer Proposal and bankruptcy. But what’s the differences and similarities between the two? In order to decide … Read more
How Is Student Loan Debt Treated In A Consumer Proposal? You’ll naturally have many questions concerning the topic of student loan treatment in a consumer proposal. Can the loan be struck off of your repayment obligations? Are you an eligible candidate? How does it impact the consumer proposal? Here’s all you need to know. Need … Read more
What’s The Difference Between a Consumer Proposal and Bankruptcy? Many people struggle with debt repayment, and if things are starting to get out of control, it’s important to look at the available options and make sure you choose a solution that works for you. While bankruptcy can feel like your only option, there is another … Read more
Filing a Joint Consumer Proposal For Mutual Debt If you’re struggling to pay your debts, it’s important to know the options that are available to help you get out of it. In Canada, an individual can file a consumer proposal, which acts as a debt settlement between the debtor and creditor through a Consumer Proposal … Read more
How a Consumer Proposal Helped Me In 2013, I decided to start my own business. I had everything lined up, and took out some credit to help me get things off the ground. I created a business plan which outlined the milestones I needed to achieve in order to stay afloat and for a few … Read more
Do I Have to List All of My Creditors in My Proposal? Debt can feel like a debilitating problem that is always on your mind, but there are solutions to help you get out of debt and have a fresh financial start. If you’re in debt, making a consumer proposal to creditors can give you … Read more
When is a Consumer Debt Proposal Right For Me? When it comes to resolving your financial troubles, a consumer proposal is just one of the many solutions for debt relief. However, it’s not without its disadvantages, we’re going to dive deeper into the subject and explain if it’s a good idea or not. Need Help … Read more
Filing A Second Consumer Proposal: Is It Possible? A consumer proposal offers an alternative to bankruptcy in Canada. If you have filed a consumer proposal before, you might be wondering whether it is possible to do it a second time. Although your first consumer proposal might have helped you to get out of debt, there … Read more
