Category Archives: Consumer Proposals

How a Consumer Proposal Impacts Your Home or Mortgage?

toronto consumer proposal

When looking at debt solutions, a consumer proposal is one of the most efficient options, giving you legal protection while only paying a portion of your unsecured debt. However, one crucial question often arises is how a consumer proposal impacts your home or mortgage. This blog will look at the implications of a consumer proposal […]

Can a Debt Collection Agency Sue You In Canada?

Can A Debt Collection Agency Sue You In Canada

Can a Debt Collection Agency Sue You In Canada? Yes, a debt collection agency can sue you for outstanding debt. The process is more complex than the agencies make it seem. They have the right to take you to court for unpaid debt; however, they are unlikely to act on this, especially if you don’t […]

Insolvency Explained – Everything You Need to Know About Insolvency

what is insolvency

When hearing the term “insolvency,” most people automatically think it means they can’t pay their debt anymore and are bankrupt. While insolvency means that you can’t repay your debt because your debts are greater than the value of your assets, and declaring bankruptcy is a legal process to help people struggling with debt, there are […]

Why a Consumer Proposal May Be Your Best Option

Why a Consumer Proposal May Be Your Best Option

I. Introduction A. Definition of a consumer proposal A consumer proposal is a legal agreement negotiated between you and your creditors. It is facilitated by a Licensed Insolvency Trustee. A Licensed Insolvency Trustee (also known as LIT) is a federally regulated professional who is licensed to provide advice and services to persons and businesses who […]

Interviewing Your Consumer Proposal Administrator

Interviewing Your Consumer Proposal Administrator

A consumer proposal is a form of debt reduction approach that is intended to assist consumers who are having difficulty avoiding bankruptcy. It is an arrangement that is established between a person who is insolvent and their unsecured creditors, which allows the insolvent person to pay a substantially reduced part of their debts. Administrators of […]

Joint Consumer Proposal

Guide on Joint Consumer Proposal

Under Canada’s Bankruptcy and Insolvency Act, a consumer proposal is a legally binding agreement between a debtor and his creditors to settle the bankrupt’s unsecured debts. What then occurs if two parties share responsibility for the same debt? Couples can submit combined consumer proposals to consolidate debt. Do you both have debts? Do either of […]

How A Consumer Proposal can Improve Your Cashflow

How Consumer Proposal can Improve Your Cashflow

A consumer proposal is a reliable and safe way to escape the “debt trap” but it can also be one of the most affordable when it comes to monthly payments. A consumer proposal offers 2 main benefits over other debt repayment solutions: Interest-free repayment period, and Debt forgiveness To explain this, we have to consider […]

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