Category Archives: Consumer Proposals

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… Read more

Guest Commentary by Wendy Young, Consumer Proposal Administrator, Hamilton, Ontario. I meet with many people each day in our Hamilton consumer proposal and bankruptcy office, and they want to avoid bankruptcy, but they aren’t sure why a consumer proposal is often a better alternative.  Here are some of the advantages I… Read more

Guest commentary by Rebecca Martyn, bankruptcy trustee, consumer proposal administrator, and Angela Marquis, Windsor, Ontario. If your debts are overwhelming, how can you decide between filing a bankruptcy or a consumer proposal? Here are some factors to consider: You might choose to file personal bankruptcy in Canada if: You have… Read more

A consumer proposal is a deal you make with your creditors to pay a portion of your debts. It is a great debt relief option if you cannot afford to pay your debts in full but would like to avoid bankruptcy. The payment terms are based on a monthly payment… Read more

When you have debts, a consumer proposal is often a viable solution.  This month we will explore consumer proposals, and their advantages an disadvantages. A consumer proposal is a negotiated settlement that becomes legally binding on your creditors.  You can use our debt options calculator to evaluate your different debt… Read more

If you have more debt than you can handle, you may be considering filing for bankruptcy or a consumer proposal. The percentage of insolvent debtors filing consumer proposals instead of filing for bankruptcy is on the rise in Canada. The percentage of personal insolvencies that were consumer proposals was only… Read more

When working out the terms of your consumer proposal with a trustee, your advisor will help you determine what terms might be acceptable to both you and your creditors. In doing so, they will follow a couple of key principles: You must offer your creditors more than they would receive… Read more

Do you want to understand exactly what a consumer proposal is, and if it is the best way to deal with your overwhelming debts? – The best way to get answers to your questions, and to learn about consumer proposals and other options available to you, is to talk to… Read more

Question: I filed a consumer proposal in 2005. I completed 3 years of payments and was discharged in 2008. How long before the record disappears from my credit report. How can I rebuild our credit, when we don’t qualify for a loan right now. Answer: Each credit reporting agency in Canada… Read more

1) Meet with a Trustee for a free, no obligation assessment The first step is to meet with a consumer proposal administrator (a trustee) who will help you summarize your financial situation. Your trustee will ask you about your debts, assets, your family situation (eg your dependents) and your household… Read more