Generally speaking, a Consumer Proposal is a new arrangement with unsecured creditors whereby debts are consolidated, interest is stopped, and in most cases the total debt is reduced. A Consumer Proposal is a popular alternative to bankruptcy, and every year more and more Canadians chose to file a Consumer Proposal over filing an assignment in bankruptcy.
So who can file a Consumer Proposal? The following is a summary who can file a Consumer Proposal under Canadian insolvency legislation:
If you are having trouble repaying your debt and would like to know if you qualify for a Consumer Proposal, speak with a Licensed Insolvency Trustee who will review your situation in detail and explain all of your options.