Consumer Proposals for British Columbians

For individuals in British Columbia grappling with debt, Consumer Proposals offer a viable solution. It’s a legal agreement that significantly reduces your debt and protects your assets while halting interest charges and garnishments.

Note: Consumer Proposals for British Columbians are federally regulated by the Superintendent of Bankruptcy to provide an alternative to bankruptcy.

Step-by-Step Process to Filing a Consumer Proposal in British Columbia

Step 1: Consultation with Licensed Insolvency Trustees

The first step involves a meeting with a Licensed Insolvency Trustees (LIT), like the team at Bankruptcy Canada, to evaluate your financial standing.

Step 2: Creating a Consumer Proposal

Together with your LIT, you build a consumer proposal, a debt repayment plan that represents about 30% of your original debt with a monthly payment based on your financial ability.

Step 3: Creditors’ Approval

Your creditors will examine the proposal and vote on whether to accept the repayment plan.

Step 4: Fulfilling Obligations

Once the proposal is accepted, you must meet your obligations by repaying the agreed amount and attending two mandatory credit counselling sessions.

Step 5: Embarking on a Journey to Financial Wellness

After fulfilling your obligations, you can start your journey to financial wellness.

Benefits of a Consumer Proposal

Consumer Proposals for British Columbians come with several benefits:

  1. Significant Debt Reduction: Repay a portion of your debt through manageable, no-interest monthly payments. You can achieve up to 85% debt reduction with a consumer proposal.
  2. Asset Protection: Keep your hard-earned assets, such as your home, cars, tax refunds, and RRSPs, safe from creditors.
  3. No High-Interest Fees: Interest charges are stopped upon filing a consumer proposal.
  4. Cessation of Harassment from Creditors: Filing a consumer proposal halts collection agencies, garnishments, and creditors’ harassments.
  5. Affordable Monthly Payment: Your monthly payment is based on your ability to pay.


Consumer Proposals for British Columbians are an excellent alternative to bankruptcy. With expert guidance from a Licensed Insolvency Trustee, you can develop a manageable repayment plan that aligns with your financial ability. This path not only lightens your debt load but also sets you on a journey to financial wellness.

Find Your Personal Debt Relief Solution

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