Benefits of a Consumer Proposal

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What are the benefits of filing a Consumer Proposal?

Filing a consumer proposal can be an important step towards getting out of debt and regaining control of your financial life.

A consumer proposal allows you to consolidate your debt into a single manageable payment, and offers several advantages:

  • No interest or additional fees
  • Flexible payment periods of up to 60 months
  • Allows for lump sum payments at any time, so you can pay the consumer proposal off sooner
  • Offers protection for assets like your home, automobile, or investments in an RRSP, RESP or TFSA
  • Avoids a lengthy period in bankruptcy, allowing you to rebuild your credit rating faster

What else do I need to know?

A consumer proposal can help you avoid the stigma of bankruptcy while still providing protection from your creditors, and is often viewed more favourably than bankruptcy in background checks by potential employers or landlords.

It can be used to resolve a single debt, or multiple loans including cash advance(s).

Within forty-five (45) days of filing a consumer proposal, you will know whether your creditors have accepted the terms offered.

Payments are usually a fixed amount based on your current income, and will not be affected by salary or wage increases, or bonuses. Potential inheritances are also not affected by the filing of a proposal.

If you own assets like a home or automobile, or investments in an RRSP, RESP or TFSA, a consumer proposal can help you keep them. And if you are the owner of a corporation, a consumer proposal allows you to continue to act as a Director.

It is important to note that a failed consumer proposal does not automatically result in bankruptcy.

To discuss whether a Consumer Proposal may be right for you, contact us at (800) 665-9965.

We can help you determine whether a consumer proposal is right for you

A Consumer Proposal is your Chance
for a Fresh Start.

Call for a free and confidential consultation at


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