Make A Deal To Eliminate Your Debt

  • Reduce your monthly payments
  • Freeze interest
  • Creditor protection
  • Federally licensed administrator
Contact a Consumer Proposal Administrator

Consumer Proposal: Canada's #1 Alternative to Bankruptcy

A consumer proposal is the only debt settlement program administered by the federal government. It was introduced into the Bankruptcy & Insolvency Act as an alternative to bankruptcy for individuals who are struggling with debt payments but do not want to file bankruptcy.

A consumer proposal gives you protection from your creditors while you make a deal to repay a portion of your debts. You pay only what you can afford. Your creditors get more than they would in a bankruptcy. It’s a win-win for both you and your creditors.

The only way to file a Consumer Proposal is through a licensed Consumer Proposal Administrator. Your administrator is also a licensed bankruptcy trustee since both procedures are governed by the federal government through the Bankruptcy & Insolvency Act. If your counsellor is not a trustee, they cannot file a Consumer Proposal for you.

Read More About Consumer Proposals

Avoid Filing Bankruptcy – Compare Your Options

You don’t want to go bankrupt but are confused about your options. Each have different advantages and disadvantages and we recommend you compare each alternative carefully to see which might be best for you. In Canada, you may choose to consolidate your debts through a debt consolidation loan, refinance with a second mortgage, talk to a credit counsellor about a Debt Management Plan or settle your debts through a Consumer Proposal.

A Consumer Proposal Administrator is required by law to discuss all of these alternatives with you.

Compare Your Options

Consumer Proposals Blog | Latest Articles

Will There Be a Meeting of Creditors During My Proposal?

When talking with clients, I often get asked, “Do I have to meet with my creditors?”; coupled with a look of stress or fear. Let me explain the basics and then provide you with some practical, real life scenarios. The Basics The Bankruptcy and Insolvency Act tells us that the Administrator of the proposal (that’s your trustee) is to call a meeting of creditors if: directed to do so by the Official Receiver (the government)…

Common Questions about Consumer Proposals in Canada

Consumer Proposal in Canada: A Quick Overview When filing a consumer proposal in Canada, you are offering a legal contract to your creditors to repay a portion of your debt over a period of up to 5 years. To get started, your consumer proposal administrator will gather information from you at the initial consultation meeting regarding your debts, as well as any assets that you have and what they are worth. These values are typically…

Does the Government Have to Approve My Consumer Proposal?

Consumer Proposals are the only debt settlement programs regulated by the federal government. You may know that your creditors will vote on your consumer proposal and if more than 50% vote yes your proposal terms will be accepted. But what role, if any, does the government play in approving or processing consumer proposals. Any bankruptcy or consumer proposal has to be filed with the Office of the Superintendent of Bankruptcy (OSB) for it to be accepted.  They…