Consumer Proposal in Canada
Balanced debt relief offering protection
Consumer proposals: A leading alternative to bankruptcy
An increasing number of Canadians are choosing to file a consumer proposal as an alternative to bankruptcy. When you a file a consumer proposal, a Licensed Insolvency Trustee (LIT) will negotiate with your creditors so that you only have to repay a portion of your debts. Learn more about the benefits of filing a consumer proposal
Why should I file a consumer proposal?
There are many solutions that can provide debt relief, and a Licensed Insolvency Trustee will be able to explain all your options so you can find the best solution that’s right for you. If any of the following apply to your situation, you might want to meet with a LIT to discuss filing a consumer proposal:
- You have consumer debt greater than $5,000 but less than $250,000
- You’re able to repay a portion or your debts, but need more time than your creditors are offering
- You want to stop all interest charges, wage garnishments and threats of legal action
- You don’t want to give up your house or any of your belongings to pay off debt
A Licensed Insolvency Trustee is your go-to source for consumer proposals
In Canada, a Licensed Insolvency Trustee is the only professional granted permission by the government to file a consumer proposal on your behalf. If you make an appointment with a LIT, you will learn more about the steps in filing a consumer proposal along with all of your other debt relief options. Find out more about the consumer proposal process.
A consumer proposal is just one of the debt help solutions offered by BDO. You can speak to us to learn more about all your options, including budgeting, debt consolidation and bankruptcy. For more information, book a free consultation with BDO today.