What is a consumer proposal?

A consumer proposal is a legal process under the Bankruptcy and Insolvency Act whereby a debtor makes an offer to his creditors to settle his debts. If the offer is accepted by the creditors and the Court and the debtor completes the payments, then the claims of his creditors are eliminated. The offer to the creditors is usually in the form of monthly payments over a time period of up to 60 months (5 years). The payments will be made to fit your budget .

Who can make a consumer proposal?

Anyone who is insolvent and whose total debts are less than $75,000, excluding a home mortgage.

What are the benefits of a consumer proposal?

If a proposal is accepted, interest will stop accumulating, legal actions against you will stop, no more harassing phone calls.

To find out if you qualify for a consumer proposal click here