A consumer proposal is an ideal alternative to personal bankruptcy. It is a legal settlement with your creditors under the Bankruptcy and Insolvency Act with the assistance of a Licensed Insolvency Trustee.
Below is a list of the most commonly asked questions about the consumer proposal process. We’ve attempted to answer these questions in the most thorough but straightforward way possible.
Consumer Proposal in Canada – Frequently Asked Questions
- What is consumer proposal in Canada?
- How do I start the consumer proposal process in Canada?
- Will filing a consumer proposal stop wage garnishments and collection agencies?
- What happens during the consumer proposal process?
- How are fees paid in a consumer proposal?
- How long does my consumer proposal last?
- What happens to my assets if I file a consumer proposal?
- What happens to my income tax refund?
- How long will a consumer proposal remain on my credit file report?
- What are the advantages of consumer proposals compared to filing a bankruptcy?
- Case Study: Submitting a Consumer Proposal to Your Creditors