If you are struggling to pay your bills, the situation persists month after month without getting any better, and you don’t want to go bankrupt, but feel you are getting overwhelmed, you may want to look at a Consumer Proposal as a possible solution.

WHEN IS A CONSUMER PROPOSAL A PRACTICAL SOLUTION?

• 1. You have debts over $10,000, but not more than $250,000;
• 2. You have a stable secure job or career where you can afford to make regular monthly payments;
• 3. You can’t afford to make your full payments, but can pay a significant portion of your debt if interest is waived or forgiven;
• 4. You have tried to get a debt consolidation loan, and despite having a steady job, have been turned down and told your “debt ratio” is too high;
• 5. You want to avoid bankruptcy or you have assets which are important to you, which you don’t want to lose in a bankruptcy;
• 6. If you go bankrupt, the bankruptcy guidelines require you to make large monthly payments which you can’t manage.
• 7. You can surrender assets you can no longer afford to pay for, including a home or car, and include any balances or shortfalls owed on those assets in your Proposal.

A CONSUMER PROPOSAL HAS SOME LIMITATIONS AND WON’T:

• Allow you to pick and choose or let you treat your creditors differently;
• Eliminate student loan debts;
• Eliminate child support or alimony payments
• Take care of your secured debts, such as a mortgage on your home, or a car loan unless you give up or surrender the asset.

We have tried to make this website as comprehensive as possible, and we encourage you to explore its contents at your leisure.

If, however, you would like to speak to one of our professionals and explore the possibility of filing a Consumer Proposal, or just need more information about options, please do not hesitate to contact one of our Consumer Proposal Specialists near you. Our initial consultations are always free, and we would be pleased to help you.

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