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Consumer proposal | Debt

Under the Bankruptcy and Insolvency Act , you have the right to make a consumer proposal to your creditors in order to obtain a realistic repayment agreement depending on your situation. The consumer proposal, as an alternative to personal bankruptcy, has many advantages if your situation applies to it.

What is the consumer proposal

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The consumer proposal consists of an offer of repayment made to your creditors. This offer may consist of a reduction in the amount of the debt and / or an extension of the repayment period.

The Licensed Insolvency Trustee (SAI) helps you draft your consumer proposal and is the only person authorized to administer it. With the assistance of the SAI, you will come to a win-win agreement with your creditors.

The benefits of the consumer proposal

The benefits of the consumer proposal

In any case, the consumer proposal can greatly reduce the impact of your debts on your personal finances. The consumer proposal allows you to:

  • To significantly reduce the amount of your debts;
  • Extend the repayment period (usually 5 years)
  • To keep your property (house, car, furniture, etc.);
  • To stop interest;
  • To have a single affordable monthly payment to make (at SAI).
  • Being insolvent (that is, not being able to meet financial obligations);
  • Have debts not exceeding $ 250,000 (with the exception of the mortgage on your principal residence);
  • Obtain the services of an authorized insolvency trustee (SAI) who will administer your consumer proposal.

Criteria for submitting a consumer proposal

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  • Being insolvent (that is, not being able to meet financial obligations);
  • Have debts not exceeding $ 250,000 (with the exception of the mortgage on your principal residence);
  • Obtain the services of an SAI who will administer your consumer proposal.

How to file a consumer proposal?

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To begin the proceedings, you must consult an authorized insolvency trustee. He will evaluate your situation and advise you on the details of your proposal. The SAI will then have you sign the necessary forms which will then be submitted to the Official Receiver.

Your creditors will then have 45 days to accept or decline your proposal. If a sufficient number of creditors accept your proposal (or refrain from responding), it will begin and you will have to abide by the terms of the agreement.

Put an end to your financial problems with an effective solution that will allow you to start a new life without stress. Ask for a free consultation so that we can assess your situation.

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