Consumer Proposals

Consumer Proposals: Restructure Your Debt Payments

A consumer proposal is a possible alternative to bankruptcy.

If you are eligible for the process, we can work as an administrator between you and your creditors to make your monthly debt payments more manageable. Let us help you restructure your debt payments with a consumer proposal in our Kelowna, Kamloops, or surrounding interior locations.

Find out if a consumer proposal is the right choice for you – contact us today.

What is a Consumer Proposal?

A consumer proposal is a negotiated settlement between debtors and their creditors, mediated by a licensed insolvency trustee, acting as an administrator under the consumer proposal. It is legally binding negotiated settlement, so once the terms are fulfilled, the debtor is legally released from all debts. Consumer proposals are generally only available to people who owe less than $250,000 (not including debts like a mortgage).

What is the Process?

We’ll work with you to determine what kind of monthly payment you can afford. We will need a complete list of your assets and liabilities to figure out a fair solution for you and your creditors. Then we’ll present a proposal to your creditors that will consolidate all your debts into one easy monthly payment. You can usually discharge all of your debt over a few years of payments.

What If My Proposal is Rejected?

Creditors have 45 days to accept or reject your proposal. If it is rejected, we can make changes to the proposal and resubmit it. We can also consider other options to pay your debts, or (after we have exhausted all other options) you can declare bankruptcy.

What Happens If I Miss a Payment?

If you cannot make the monthly payments required by the proposal, it can be annulled. If the proposal is annulled, you and your creditors will be in the same situation that you were before the customer proposal was presented.

Watch: Submitting a consumer proposal to your creditors

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We want to help you to get out of debt. Don’t hesitate to contact us if you would like to learn more about bankruptcy alternatives like debt consolidation in Kelowna, Kamloops or Penticton. Contact us today for more information.

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