Personal Debt Solutions Canada - Consumer Proposal, Is it Right for Me?

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"Both my wife and I had to declare bankruptcy. Afterwards, I realized that my parents needed to go bankrupt as well. It was good to have a relationship with a Trustee that I knew would treat my parents with the respect they deserve. "
~Charlie and Candice - Sooke

"Speaking with a trustee was the best decision I could have made, they laid out all the options for me in a way that made sense."
~Gayle - Victoria

"I really didn't want to go bankrupt and was relieved to learn that I could file a Consumer Proposal. "
~Lyn - Sooke

"I feel like I can breathe again. "
~Angela - Sidney

Is a Consumer Proposal the right decision for you?

Some of the notable benefits of a consumer proposal include:

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Advantages of a Consumer Proposal

If the consumer proposal is the viable option you choose, it can benefit you in the following ways:

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Even if you are already bankrupt in Canada with a bankruptcy trustee, you can still file a Proposal, which, if accepted by your creditors, will annual the bankruptcy or in other words lift you out of the bankruptcy.

Once you have filed a Consumer Proposal with an Insolvency Professional in your area, then the interest is immediately stopped as well as any legal action against you. This is called a "Stay of Proceedings that means that your wages cannot be garnished or you assets seized. This is also another benefit of a formal Consumer Proposal administered by a Trustee vs. an informal Debt Repayment Plan with just a credit counselor. Debt consolidation plans, or plans put together by debt poolers are not governed by the same Federal Insolvency Legislation (the Bankruptcy and Insolvency Act) that covers Bankruptcy Trustees.

What won't a Consumer Proposal do for you?

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Are you eligible to file a consumer proposal?

The following is a list of eligibility criteria that you must meet in order to file a consumer proposal:

You must:

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