If you want to resolve your debts and avoid bankruptcy, a consumer proposal could be the right solution for you.
A consumer proposal is a legally binding, negotiated settlement made between a debtor (you) and your creditors (the people you owe money to).
In a typical proposal you would make one monthly payment over a period of no more than 5 years.
Those funds would be distributed among your creditors. Once you have made the final payment, your debts are eliminated. In most proposals you will pay less than the full amount you owe and still get discharged from your debts. Click here to calculate an estimate of monthly payments based on your situation.
To file a consumer proposal you must be able to pay a portion of your debts, and your debts must be greater than what you own.
Other requirements for filing a consumer proposal:
Your unsecured debt must not exceed $250,000 (not including your mortgage).
You must have the ability to make monthly payments.
At Hoyes Michalos & Associates we help people, like you, file more consumer proposals than any other independent firm in Ontario. If you think a consumer proposal is the right choice for you contact on one our licensed consumer proposal administrators today.
A consumer proposal is one of four common alternatives for managing your debts. This calculator will help you understand the differences and link you to the people who can help you make a fresh start.
If you think a consumer proposal is the right choice for you, contact us today for a free consultation.
