Consumer Proposal Ontario
Cut 70% Of Your Debt. Save Your Home and Car!
A consumer proposal is a debt relief solution that allows you to settle your debt for less than you owe by proposing a debt repayment deal with your unsecured creditors.
A consumer proposal has many benefits and it is often better for your creditors as well.
By filing a consumer proposal you can consolidate all of your debts into 1 monthly payment and you will avoid all interest charges while you are making your consumer proposal payments.
A consumer proposal can last for up to 60 months, but it can last for as little as 1 month as well.
One of the benefits of a consumer proposal is you have the flexibility to repay a portion of what you owe over a period of time that works for your budget.
A consumer proposal allows you to reduce and pay off your debt, while also avoiding filing personal bankruptcy.
Consumer proposals are the most popular alternative to bankruptcy in Canada and there are many reasons for that.
The benefits of a consumer proposal are numerous including:
- You often pay less than you owe in an interest-free repayment plan with your unsecured creditors,
- You can keep all of your assets whether is is your home, car, boat or investments that would otherwise be lost in bankruptcy,
- You can stop all creditor collection actions such as wage garnishments, harassing collection calls and frozen bank accounts,
- You can have a sense of accomplishment because you are repaying as much as you can, while still getting out of debt without interest payments.
When you file a consumer proposal you are entering a legal process to repay a portion of your total debts without paying interest charges or any additional fees to your consumer proposal administrator.
Your proposal administrator will be paid out of the monies you pay to your creditors.
So if your consumer proposal calls for a payment of $300 a month for 36 months this is all you will be paying, as your proposal administrator's fees are paid out of the $300 payment you make.
Generally, your proposal administrator takes the first $1,500 in payments that would go to your creditors and then a further 20% of each additional payment to cover their fees.
Consumer proposals have steadily grown in popularity over the years as more and more Canadians realize the benefits over bankruptcy and other debt relief solutions available to Canadians.
A consumer proposal is a popular debt relief option for people that owe less than $250,000 of unsecured debts (not including the mortgage debt on your principal residence), or $500,000 if a married couple is making a joint consumer proposal.
If you have debts over $250,000 (or $500,000 if you are filing a joint proposal) you can still file a proposal, although there are different rules.
You can speak to a Licensed Insolvency Trustee in your local area to learn more about consumer proposals in Ontario.
We offer no-pressure, no obligation and free debt relief consultations so you can learn about all of your options to get out of debt.
Our friendly Licensed debt relief professionals understand how difficult a time this is for you.
This is why we always put you first when you turn to us for assistance with consumer proposal services.
We always put you first and make sure you are taken care of in a caring and respectful manner.
Our Licensed Insolvency Trustees understand the value of meeting with a debt professional that puts you first.
We will always take the time to listen to your concerns and make sure you feel comfortable dealing with us.
Our team of friendly Licensed Insolvency Trustees are ready to give you their expert opinions when you are ready.
If you are dealing with debt and are struggling to manage your finances we know it can be difficult to know what to do next.
There are many solutions available to you and we understand it can be difficult to know how to proceed.
At Bankruptcy Canada we have friendly and experienced debt experts in your area who can meet with you to help you understand the right solution to your unique money problems.
With our caring assistance we can help you explore all of your debt options and help you choose the correct path towards getting out of debt.
A consumer proposal is a legally binding agreement between you and your unsecured creditors.
While your creditors have the right to vote to reject your proposal, creditors almost always accept the proposal for two reasons.
The first reason is because you must offer your creditors more than they would receive if you were to go bankrupt.
The second reason is because our trustees are highly skilled at knowing what different creditors want from a proposal, so we will help you draft an attractive proposal.
Ontario consumer proposals can help you improve your financial situation and give you a fresh start.
You can even begin working on improving your credit score.
All proposals are administered by a licensed insolvency trustee, although they are known as a consumer proposal administrator in this process.
To learn about the debt relief options provided by the Licensed Insolvency Trustees of BankruptcyCanada please request a confidential debt consultation through our online form or by calling 877-879-4770 today.
All of the Licensed Insolvency Trustees of Bankruptcy Canada are members of CAIRP (Canadian Association of Insolvency and Restrucuring Professionals).
CAIRP is the governing body that advocates for the insolvency (bankruptcy and consumer proposal) process in Canada.