Personal Debt Solutions Canada - Frequently Asked Questions

Consumer Proposals

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A consumer proposal is a legal procedure that allows a debtor to repay all or part of their unsecured debt in a manageable fashion. Payment to a trustee for the benefit of the creditors can be in a lump sum offer, or monthly payments. If the majority of your creditors accept the terms of your Consumer Proposal, then it becomes legally binding. Once accepted, you pay amount as set in the Proposal. No interest charges are added. When all the provisions of your Consumer Proposal are complete a Certificate of Completion is issued and the balance of the debts are discharged.

Am I able to file a consumer proposal with another person?Answer

Are consumer proposals rejected by creditors?Answer

Can a consumer proposal be filed if I am already bankrupt? Answer

Can anyone file a consumer proposal?Answer

Can I change my Consumer Proposal terms once it’s been accepted by my Creditors?Answer

Do Creditors prefer a Consumer Proposal vs. Bankruptcy?Answer

How do I know if a Consumer Proposal is right for me?Answer

How does a Consumer Proposal Work?Answer

How does the voting work in a Consumer Proposal?Answer

How much will I have to pay to my creditors in a consumer proposal?Answer

Is a Consumer Proposal guaranteed to be accepted by my creditors?Answer

What are the benefits of a Consumer Proposal?Answer

What Documents are needed in Filing a Consumer Proposal?Answer

What does a Consumer Proposal have to include?Answer

What happens if I can’t keep up the payments?Answer

What happens when my Consumer Proposal is completed?Answer

What is a Consumer Proposal?Answer

What steps are involved in filing a Consumer Proposal?Answer

What won’t a Consumer Proposal do for you?Answer

Who should consider a Consumer Proposal vs. a Bankruptcy?Answer

Why do I file a Consumer Proposal with a Trustee in Bankruptcy?Answer

Why do I need to go through a Trustee in Bankruptcy to file a Consumer Proposal?Answer

Will I be notified of how my creditors vote in my Consumer Proposal?Answer

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