Four Advantages of a Consumer Proposal

Ian Martin, CA

Ian Martin, CA

Guest Commentary by Ian Martin, CA, Consumer Proposal Administrator, Kitchener, Ontario.

I recently met with a couple who wanted to know why a consumer proposal was a good option for them to deal with their debts.  You can read more about them in my article on what is a consumer proposal, but here were the top four reasons a proposal made sense for them:

  1. Give them the same protection from their creditors as bankruptcy – no more collection calls, no wage garnishee
  2. Allow them to keep their house (and all of their assets)
  3. Allow them to deal with their debts through one monthly payment that fits their budget
  4. Fix the amount that they have to pay, unlike the uncertainty of surplus income in bankruptcy

A consumer proposal is not the right option for everyone, but is many cases it is a great alternative to bankruptcy.

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