Consumer Proposals – BC
A Consumer Proposal is a debt reduction program outlined in The Bankruptcy and Insolvency Act. It serves as an alternative to bankruptcy, allowing Canadians to reduce their debts, halt interest charges, and protect their assets without resorting to bankruptcy. Only Licensed Insolvency Trustees can file Consumer Proposals, and they are obligated to thoroughly explore all your debt reduction options with you.
We’re here to help you regain control of your financial future. We specialize in the government-approved Consumer Proposal program, which allows Canadians like you to reduce debts, stop interest charges, and protect our assets, all while avoiding bankruptcy.
Key Benefits: A Consumer Proposal enables you to repay a portion of your debt through affordable, interest-free monthly payments tailored to your financial capacity. It can reduce your debt by up to 85% while safeguarding your hard-earned assets like your home, cars, tax refunds, and RRSPs from creditors. Filing a Consumer Proposal with the Superintendent of Bankruptcy halts all interest charges, puts an end to collection agency actions, garnishments, and creditor harassment, and simplifies your financial obligations into a single, manageable monthly payment.
How to Qualify: You need to demonstrate your ability to repay a portion of your debts, possess assets worth less than your total debt, have unsecured debt between $1,000 and $250,000 (excluding your mortgage), and maintain a stable income source that allows for monthly payments.
Process: Once the proposal is prepared, it’s sent to your creditors, who have 45 days to accept or reject it. Throughout the process, your trustee oversees your proposal and provides financial counseling to support your financial well-being.
