Logo

Consumer Proposal

  • A consumer proposal is a process regulated under the Bankruptcy and Insolvency Act. It allows you to obtain a protection against your creditors at the filing and helps to prevent bankruptcy.
  • A settlement based on your financial capacity and the amount of your debts is submitted.
  • Only one monthly payment to consolidate your debts.
  • The consumer proposal may not exceed 60 months (5 years).
  • The interest on your debts stops accumulating.
  • The amount of your indebtness most not exceed 250 000$ (500 000$ for a couple).
  • The trustee administering the proposal will notify the creditors and negociate with them.
  • Calls, letters, emails, invoices from creditors cease.
  • The proposal must be accepted by a majority of creditors (50% + 1) of your debts.
  • The proposal does not affect your current and future assets.
  • The trustee fees are included in your monthly payment.
  • The trustee is responsible for paying the creditors according to the terms of the proposal.
  • At the end of the process, the Licensed Insolvency Trustee issues a certificate of full performance.

Ready to regain your financial peace of mind?

For further information or questions, or to schedule a free and confidential consultation with a trustee, please contact us at 819 595-1800 or email us at info@lebelsydic.com.