Self Employed and Considering a Consumer Proposal? 5 Things You Need to Know

Posted in Consumer Proposals
Posted by Ian Martin, CPA, CA, CIRP - LIT

Are you self-employed and struggling with debt? A consumer proposal may be a good option for you. It’s a legal debt relief process intended for individuals who can’t pay the full amount of their debts, but don't want to file bankruptcy. Awareness of consumer proposals has grown significantly in recent years as more and more […]

Must A Consumer Proposal Include All My Creditors?

Posted in Consumer Proposals
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

A consumer proposal has a lot of advantages. It offers legal protection while you make a settlement offer to your creditors. It also allows you to negotiate payments you can afford while keeping assets like a home, RESP and other investments. Moreover, it offers substantial flexibility in terms of payment terms. However, there are certain […]

Consumer Proposal Can Break the Debt Cycle

Posted in Consumer Proposals
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Debts don’t just appear overnight and neither does a personal debt crisis. Your debt probably started out fairly manageable. After all, most people borrow money with the full intention of repaying their debts. As debts pile up however, this creates a big problem, a debt cycle of using new debt to keep up with mortgage […]

Consumer Proposal vs Bankruptcy – Which One is Right for You?

Podcasts
Posted in Personal Bankruptcy | Consumer Proposals
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Consumer proposals and bankruptcies offer similar benefits, but differ in length and cost. How do you know which one is right for you? It will depend on your financial situation. Listen to this week's podcast as Ted Michalos compares consumer proposals vs bankruptcies.

How A Consumer Proposal can Improve Your Cashflow

Posted in Consumer Proposals
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

A consumer proposal is a safe and reliable way to get out of debt but it can also be the cheapest in terms of monthly payments. This is because it combines two substantial benefits over other debt repayment options: Debt forgiveness; and an Interest free repayment period. To illustrate we will look at a typical […]

Is a Consumer Proposal a Good Idea?

Posted in Consumer Proposals
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

A consumer proposal is just one option for dealing with debt. As a debt relief approach it has it's own advantages and disadvantages over other programs that help you get out of debt.  For example: it can be better than bankruptcy if you have enough income to trigger surplus income payments or have assets that […]

Insolvency Basics: How and When to File Bankruptcy or a Consumer Proposal in Canada

Posted in Personal Bankruptcy | Consumer Proposals
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Choosing to file bankruptcy or make a proposal to your creditors is not an easy decision. Complicating matters are the many myths and misconceptions surrounding the process, the cost and the impact of both insolvency proceedings available to Canadian debtors. Some quick facts about bankruptcy in Canada: More than 120,000 Canadians file insolvency every year; Files […]

Will Consumer Debtor Protection Services or Debt Assistance get you a Better Consumer Proposal?

Posted in Consumer Proposals
Posted by Ted Michalos, BA, CPA - LIT

Now that the Ontario government has restricted debt advisors from charging up-front fees before completing a settlement with creditors, many debt relief companies are switching their business tactics. What they now offer is so called consumer debtor protection services, debt assistance or consumer proposal referral programs. What is consumer debtor protection and what are they […]

Consumer Proposal or Bankruptcy: Decision Factors

Posted in Consumer Proposals

Both bankruptcy and a consumer proposal will eliminate debt, both provide protection from creditors and stop collection calls. However not everyone should file bankruptcy and a consumer proposal won't work in every situation either. Our infographic below explains some key differences between a proposal and personal bankruptcy and there are many factors to consider when deciding […]

Consumer Proposals: The ONLY Canada Government Debt Relief Program

Posted in Consumer Proposals
Posted by Ted Michalos, BA, CPA - LIT

I am about to climb back on my soapbox. This spring I talked about why everyone seems to be advertising consumer proposals. Some of these companies are very subtle in their approach. They may not mention the word consumer proposal but instead will talk about a Canada government debt relief program. Don't be fooled by this. […]