CONSUMER PROPOSAL
Consumer proposal
Reduce your debts without losing your assets. Free yourself from the burden of debt with a consumer proposal, a legal alternative to bankruptcy that allows you to start fresh.
Book an appointment today for a free and confidential consultation.
What is a consumer proposal?
A consumer proposal is a legal solution governed by the Bankruptcy and Insolvency Act that allows you to settle your debts for a fraction of the total amount you owe , while keeping all your assets.
This is a formal agreement between you and your creditors, administered by a licensed insolvency trustee.
How does it work in practice?
You meet with one of our trustees to assess your financial situation.
We are preparing an offer to creditors to partially repay your debts ( usually between 20% and 50% ).
If the majority of your creditors agree, ALL your creditors are legally bound to respect the agreement.
You make fixed and affordable payments over a maximum period of 5 years.
At the end of your proposal, all your included debts are legally considered to be fully settled .
Main advantages
1. You keep all your belongings
2. Major reduction of your debts
3. Fixed monthly payments
4. Immediate legal protection
5. Limited impact on your credit
An example
to better understand
Marc went into debt by
$50,000 in credit cards, personal loans and back taxes.
With our help, you submit a proposal offering to pay $20,000 (40% of the total).
Preparing the offer
1
Offer accepted
His payments are $333 per month for 60 months.
2
Debt reduction
He saves $30,000 of his original debts.
3
Situation
He keeps his house, his car and all his belongings.