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Filing A Consumer Proposal In Ontario

Your First Step to Filing a Consumer Proposal in Ontario

If you’re experiencing financial difficulties and starting to believe that bankruptcy is your only option, you might want to consider filing a Consumer Proposal.

What is a Consumer Proposal?

A Consumer Proposal is a payment arrangement with your creditors that’s negotiated on your behalf by a Licensed Insolvency Trustee.

You agree to repay what you can of your total unsecured debt owing in manageable, monthly payments. If approved, your creditors agree to forgive the balance of that debt.

What are the benefits of a Consumer Proposal?

  • Because a Consumer Proposal is a legally binding agreement, you receive immediate protection from your creditors. This means that once you file, wage garnishments, lawsuits, and collection calls will instantly stop.
  • You’ll only need to repay a portion of your debt, in most cases
  • You’ll get to keep your house and other assets.
  • In contrast to bankruptcy, any increase in income, tax refunds, or windfalls (from an inheritance or lottery winning, for example), is yours to keep. You don’t need to adjust or increase any of your proposal payments a result.
  • You’ll minimize the impact your insolvency has on your credit report.

What is my first step to file a Consumer Proposal in Ontario?

In order to file a Consumer Proposal, your first step should be to contact a trustee for a free initial consultation.

Licensed Insolvency Trustees are the only professionals authorized and regulated by the Canadian government’s Office of the Superintendent of Bankruptcy to help you file a Consumer Proposal or bankruptcy.

Your trustee will let you know if you meet the requirements and are eligible to file a proposal.

More than this, your trustee will review your current financial situation and review all options you have available to resolve your debt.

If you see a trustee early enough, you might even have more ways to deal with your debt that insolvency.

Photo by Erik Witsoe on Unsplash

John Adamson, CPA, CMA

John is a Licensed Insolvency Trustee (1994), a Chartered Insolvency and Restructuring Professional (CIRP – 1994), and a Chartered Professional Accountant with a Certified Management Accounting designation (CPA, CMA – 1992). His experience includes more than 25 years of helping individuals, small businesses, their owners and even lenders, find solutions to their debt problems.

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