Consumer Proposal is a formal arrangement in which debtors can negotiate with their creditors to restructure debt so that to pay less over a longer defined period of time, generally up to five years. This is a viable option for Canadians facing financial hardship and looking to get significant debt relief (up to 80% reduction) without going through the bankruptcy. There are some conditions on what types of debts can be included in the proposal (secured vs unsecured). Aside from reduction in payment, advantage of going through proposal is possibility of retaining some assets, obtaining creditor protection and avoiding personal bankruptcy.
After assessing your financial situation, we will help you determine if this is the right option for you!
Back To Debt Solutions