Consumer Proposal

An alternative to filing bankruptcy is offering a compromise or settlement to your creditors. A consumer proposal can be as creative as you are and either extend the payment terms, offer a percentage of your debt, be payable in monthly payments or be paid in a lump sum amount.

A consumer proposal is normally offered to your creditors when there is significant value to your assets, i.e. equity in your personal residence that you want to keep, or you have significant monthly income.

Your unsecured debt must not exceed $250,000.00 and the consumer proposal must be completed within five years.

As long as the consumer proposal offers more than your creditors will receive in a bankruptcy and your Trustee is satisfied you can fulfill the terms offered, this may be a viable alternative for you to avoid bankruptcy and can be discussed with our Trustees in our Hamilton, Burlington or St. Catharines offices.