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

Avoid Surplus Income With A Consumer Proposal

If you have stable income but are unable to keep up with your debts, bankruptcy is one debt solution, but it can be expensive. Bankruptcy requires every filer to report their total household income to their trustee and make payments if this income is above a certain threshold. The best way to think of surplus income is similar to a penalty. Basically, the more money that you make the more money that you have to pay…

Can Creditors Talk To One Another About My Proposal?

When you file a consumer proposal you make an offer to your creditors to pay a certain amount over time in exchange for which they agree to wipe out your debts. As part of the process each creditor receives information about your income, expenses, debts, assets and any recent asset transactions.  They review this information and make a decision on whether to accept or reject your proposal. Before they make a decision, a creditor may want to talk…

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)…