Present an offer to you creditors!
The consumer proposal 
consists in presenting an offer to your creditors, whereby you propose to repay only part of your debts or extend the repayment period, or a combination of these two options.
Is this the solution for you?
- This option is for individuals who are unable to repay all of their debts, but who could repay part of them, if they had more time to do so.
- Your debts must not exceed $250,000, excluding the mortgage on your home.
Advantages
- You avoid bankruptcy .
- You put an end to harassment and procedures by your creditors as well as wage garnishment.
- You have just one monthly payment, consistent with your budget .
- You retain all your property. Including your house and car.
- You are protected from public utility cuts (telephone, electricity, gas, etc.).
- Interest ceases to accumulate once the proposal has been presented.
- The trustee’s fees are included in your monthly payment.
You must…
- Ensure that the required payment is reasonable and consistent with your budget.
- Be vigilant: three months’ late payment will automatically void the proposal regardless of whether you are able to correct the situation.
- Does not settle non-dischargeable debts.
- You should absolutely avail yourself of two consultations so that the Trustee may give you your certificate of full performance of proposal to discharge your debt.
For more information on the consumer proposal, we suggest you speak to one of our counsellors. Contact an office near you for a free, confidential consultation.
