Consumer Proposals In Regina

Regina, SK Consumer Proposal

How to Avoid Bankruptcy

You may have heard the term consumer proposals thrown around or may have no idea what it means or what it can do for you.

You’ve come to the right place to learn more about Consumer Proposals in Regina and what you need to know and what to look out for.

Once you have the information, you need, you can determine if this is the right course of action for you or not based on your circumstances.

Consumer Proposals in Detail                   

You may be wondering what a consumer proposal is exactly and why it may be the best option for you.

You’ll certainly want to strongly consider it when you’re looking to consolidate your debts.

Filing a consumer proposal in Regina is a legal process under the Bankruptcy and Insolvency Act between you and your creditors to repay part of what you owe.

Figuring out what you will owe will be primarily based on your income and what you own.

It can only be set up by a bankruptcy trustee who will handle the logistics and transactions.

It’s only legally binding if the creditors who you owe agree to the arrangement you’re suggesting.

If everyone agrees to move forward, then you will likely need to repay a percentage of the amount you owe over a maximum term of five years.

There are a few advantages and disadvantages you should be aware that consumer proposals contain.

Such as the following:


  • It can substantially reduce the amount of debt you are required to pay your creditors.
  • It can be an effective way of consolidating debt in Regina, Saskatchewan if:
    • You cannot afford to pay back all the debt you owe,
    • You have steady income,
    • Your budget has enough money in it for you to make monthly payments.
  • Has the potential to be a good option if:
  • Will put active collection of student loan payments on hold.
  • It is one of the final ways of avoiding bankruptcy.


  • It’s not a private matter. A Consumer Proposal is filed as a permanent public record and is included on a searchable database.
  • It costs more than filing for bankruptcy.
  • The Court must approve it.
  • Creditors can choose to reject the proposal. If they do, you may need to offer them additional funds to convince them to proceed.
  • You might need to sell some of your assets (such as a vehicle, your home, or investments).

How A Consumer Proposal Can Impact Your Credit

You’ll see a note on your credit report as soon as you make payments on a consumer proposal.

It’ll be in the public records section and explain that you have filed a proposal.

The public records section is viewable by anyone who you let access and see your credit report.

It’s also possible your creditors will report a “7” rating on the debts included in the proposal.

It signifies that they’re receiving payments through a third party, or in other words your trustee.

After all applicable fees have been paid out, your trustee will take your payment and disburse the agreed-upon amount to your creditors.

It’s important to note that when you’re paying off other debts such as a vehicle loan to secured creditors, these debts will be reported separately by these creditors.

Create and stick to a budget you can follow that will help ensure you’re making timely payments.

You can rebuild your credit score at a quicker rate when you keep up with your secured debt payments while you’re also paying off your proposal.

How We Can Help

You must watch out for the big debt rip-off and protect yourself from scams.

Only a government licensed bankruptcy trustee is permitted to file paperwork for a Consumer Proposal.

Call us at Bankruptcy Canada to learn more about filing a consumer proposal in Regina and possible alternatives.

We’re here to help you make the best decision based on your circumstances and to answer any questions you have.

Let us assist you with your debt so you can turn your situation around for the better.


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I was feeling overwhelmed by my credit debt, constantly receiving calls and letters from debt collectors, which caused a great deal of stress. It seemed like there was no way out of this situation. However, I discovered Bankruptcy Canada while listening to my local talk radio station. This organization proved to be friendly, empathetic, knowledgeable, and professional, with extensive experience in their field.

During our initial meeting, they took the time to understand my debt and financial circumstances. They explained the various options available to me and helped create a personalized plan that would be most beneficial for my situation. With their assistance, I was able to avoid declaring bankruptcy by presenting a consumer proposal to my creditors. Fortunately, my proposal was accepted, and I am extremely relieved to finally be free of debt, all thanks to BankruptcyCanada. The burden on my shoulders feels significantly lighter now, and I truly believe that Bankruptcy Canada has the most skilled specialists in debt relief.