Category Archives: Consumer Proposals

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 […]

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 […]

An arrangement you negotiate with your creditors to repay a portion of what you owe is a proposal to creditors. In the law context, a “proposal” is a plan to settle your debts for a sum that is less than their whole amount. One possible alternative to declaring bankruptcy is to propose to the creditors. […]

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 […]

Your trustee in a consumer proposal will want to know how much of an offer you can make to your creditors based on your financial situation. To help your creditors decide whether to accept your offer or ask for more money, the creditors will include a copy of this budget in the statement of affairs […]

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 […]

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 […]

A consumer proposal is one option when you can’t pay your debts. This type of proposal lets you negotiate a payment plan with your creditors. Voting on a consumer proposal is an important step – find out how it works and how you can be accepted! What happens upon filing? Consumer proposals can be filed […]