Advantages of a Consumer Proposal Over Bankruptcy


Keep your CAR, HOME, and RRSPs
Stop harassing CREDITOR CALLS immediately
Get the largest DEBT REDUCTION that is fair
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  • It Avoids bankruptcy while resolving your financial difficulties by making a deal with your creditors and settling down your debts to a reduced amount.
  • It Immediately stops existing legal action from unsecured creditors including wage garnishments and asset seizures.
  • You are able to retain your assets (Vehicle, Home, Investments, Pensions, etc.)
  • Protects you from receiving collection calls and new legal action from unsecured creditors including the Canada Revenue Agency for income tax debt and GST debt.
  • It forces all your unsecured creditors to communicate with the Proposal Administrator instead of dealing with you directly.
  • It stops Interest immediately from accumulating on your unsecured debt.
  • Once your Proposal is accepted by more than half of your creditors in dollar value, the contract becomes legally binding on all of your unsecured creditors.
  • It enables you to make one small monthly payment every month, interest-free.
  • Proposal can be paid off at any time upon its approval in one lump-sum payment.
  • It allows a Directors of any Corporation to maintain his or her own business by re-structuring the business debt and getting protection from its creditors.
  • If you’re considering sponsoring a family member through the (Immigration Process). A bankruptcy filing could stall the process, whereas a Consumer Proposal would not.
  • It gives a less negative impact on your credit rating i.e. R7 than a Bankruptcy i.e. R9.