The Consumer Proposal Process in Canada

The actual process varies depending upon your personal circumstances and the precise laws bankruptcy and insolvency laws in Canada. The following are important milestones. 

How does a Consumer Proposal work in Canada?

A Consumer Proposal begins when you contact us. Together, we will discuss your financial situation, assess your debt, and the best options available to you. If a consomuer proposal is your best course of action, we will negotiate with your creditors to establish a single, affordable monthly payment you will make to bankruptcy trustee. The amount owed is usually reduced, and often you will have more time, and reduced or eliminated interest.

Schedule a free consultation. Remember, we work for you, it's confidential, and there is always something we can do!

What are the major steps in a Consumer Proposal?

	Speak with us to review your financial position and receive FREE debt management counseling prior to filing a Consumer Proposal. Counseling ensures that a consumer proposal is the right course of action.
	We prepare the proposal. We present the Proposal to the Trustee, who then files the Proposal with the Official Receiver. We take care of the entire process.
	You may be asked to attend a meeting of creditors, if requested by the Official Receiver or by at least 25% (in dollar amount) of your creditors. These meetings can be conducted in person or over the telephone according to circumstances.
	You make the agreed (affordable!) payments to the Trustee or Administrator, who then distributes the funds to the creditors. One regular payment from you satisfies all of the creditors included in your Proposal.

If the Consumer Proposal is not accepted, or if you default on the Consumer Proposal, there is no automatic bankruptcy, but creditors are then allowed to take action against you.

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