Consumer Proposal


With our Consumer Proposal You Get Immediate Debt Relief

Keep your assets. Keep your Car. Keep your home.

Our Consumer Proposals Services in Toronto & GTA

Consumer proposals are popular bankruptcy alternatives available to people experiencing financial stress. A consumer proposal allows a person or business that is unable to keep up with their financial obligations to propose an interest free repayment schedule to their creditors. This repayment schedule usually includes a reduction in the amount owing, usually ranging from 50% - 75%, and lasting 60 months. Once a consumer proposal is accepted, it is a legally binding contract that can only be broken if the debtor stops making payments, or if it is discovered that the debt was incurred by illegal means.

Will I lose my house, car or business?
Under most circumstances, you are able to keep your car and home, as long as you are able to keep up with the regular payments. In the majority of cases a person is also able to continue operating their business.

How much will I be able to save?
It’s difficult to say exactly how much a person will save if they opt for a consumer proposal. Principal reduction typically ranges from 50%  - 75% and are interest free. To determine exactly how much you could save, book an appointment with our office and talk to one of our licenced professionals. We will gather your information and let you know exactly how much you could save.

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How does a consumer proposal affect my credit?
A consumer proposal stays on your credit report for three years from the date of the last payment.  If you took the full five years to pay off your proposal, it would stay on your credit report for three more years. In Ontario, you are allowed to apply for secured credit after a minimum of six months of payments towards your proposal.

What if I’m not able to make a payment one month?
A consumer proposal falls into default if you miss three payments. If you’re not able to make a payment one month, contact our office. You are able to catch up on your payment.

How can I tell if I’m eligible to file a proposal?
Generally anyone in financial distress who has the ability to propose a reasonable payment plan can file a consumer proposal.

Will I be able to renew my mortgage or get a car?
Renewing mortgages should not be an issue, as long as you’ve kept your payments up to date. There are several dealerships that help people that have a proposal on their credit file buy or lease cars.