Debt Relief Experts
Tax Refunds and Filing Taxes With A Consumer Proposal
Learn if you can keep tax refunds in a consumer proposal and who is responsible for filing tax returns before, during and after your proposal.
Learn More About Consumer Proposals
Explore the world of consumer proposals, a popular debt relief option for Canadians struggling with debt problems. Learn how this legal process allows you to negotiate with creditors to repay a portion of your debts while avoiding bankruptcy. Discover the benefits of consumer proposals, including protection from creditor actions, debt consolidation, and the potential to keep your assets. Find out if you qualify, how to file a consumer proposal, and what to expect during the process. Get information on working with a Licensed Insolvency Trustee, the role of the Office of the Superintendent of Bankruptcy, and how consumer proposals differ from other debt management solutions. Empower yourself with knowledge to make informed decisions about your financial future.
Quick Guide Link: Do you prefer a concise overview? Read our Consumer Proposal Guide for key insights.
Are you considering a consumer proposal? Contact Hoyes Michalos today for a free, no-obligation consultation with our Licensed Insolvency Trustees. We’ll help you understand if a consumer proposal is the right solution for your unique financial situation.
Walking Away From Pre-Con Deal. When is a Proposal the Right Solution?
Considering walking away from a pre-con deal? Discover how the Bankruptcy and Insolvency Act's debt relief options can help protect you from builder claims including consumer proposals, Division I proposals, and bankruptcy solutions to handle potential lawsuits when you can't close.
Joint Consumer Proposal: Who Can File Together?
Learn about joint consumer proposals and when they make sense for couples with shared debt. Understand qualification requirements, benefits, risks, and alternatives. Discover if filing together is right for your situation or if individual debt solutions might work better.
10 Common Consumer Proposal Myths Debunked
Learn the truth about proposals. From upfront fees to credit ratings, government debts to assets, we clear up the most common misunderstandings about consumer proposals in Canada to help you make an informed decision about your debt relief options.
Can I Get a Car Loan With a Consumer Proposal?
Yes, you can get a car loan during and after a consumer proposal. Learn how to improve your approval chances, understand interest rates, and use car loan payments to rebuild your credit. Many Canadians successfully finance vehicles at both stages with proper preparation and realistic expectations.
Can You Include Your Car Loan Debt in a Consumer Proposal?
Learn how to get relief from overwhelming car loan debt through a consumer proposal. Understand your options when you owe more than your car is worth, how to handle voluntary surrender, and include any remaining car loan balance in your proposal. A Licensed Insolvency Trustee can help you deal with unaffordable car payments and get a fresh financial start.
Do You Qualify For A Consumer Proposal?
There are both legal and practical requirements an individual must meet to be eligible to file a consumer proposal. If you are struggling with debt repayment, find out if you should explore a consumer proposal further.
Can a Consumer Proposal Be Rejected?
Are you worried about filing for a consumer proposal, and it not being accepted by all of your creditors? Find out how creditors vote on your proposal and what you can do if it gets rejected.
Avoid The Surplus Income Penalty With A Consumer Proposal
Did you know there is a surplus income penalty in a bankruptcy if you make more than the ‘threshold’ income? Doug Hoyes explains how to calculate this and ways you can avoid a penalty all together.
Can You Get A Mortgage After a Consumer Proposal?
It is possible to buy a home and get a mortgage after a consumer proposal. Discover timelines, credit rebuilding strategies, and expert tips from Hoyes Michalos to achieve homeownership post-proposal.
How Long Does a Consumer Proposal Take?
Discover how long a consumer proposal in Canada typically lasts, from filing to completion. Learn about key milestones and factors affecting the timeline of your debt relief journey.
Consumer Proposal Terms. How To Structure Your Debt Settlement Agreement
Learn how to structure your consumer proposal with flexible payment options. Understand key factors affecting terms and how a Licensed Insolvency Trustee can help.
Disadvantages of Consumer Proposals. Are They Bad?
A consumer proposal is a great way to eliminate problem debt. But, it does come with some disadvantages. The good news is, the benefits often outweigh the downsides. We explain more in this post.
How a Consumer Proposal in Canada Affects Secured Debt
Dealing with financial challenges often involves navigating through a web of debts, each with its own rules and consequences. Secured and unsecured debts pose different considerations, and understanding how a consumer proposal affects secured debt is crucial for anyone contemplating this debt relief option.
How Does a Consumer Proposal Work
Consumer proposals in Canada are a debt relief solution for individuals drowning in debt, offering a structured plan for financial recovery. In this article, we'll explore how a consumer proposal works, explaining eligibility criteria, the filing process, legal protection, creditor considerations, and the pros and cons of this debt management strategy.
Do You Have To Pay a Fee To File a Consumer Proposal?
A consumer proposal is an affordable way to eliminate overwhelming debt. While there is a fee to file, these fees are included as part of the proposal process. Doug Hoyes explains the costs of a consumer proposal and how payments are calculated to fit your budget.
Can You Cancel a Consumer Proposal?
A consumer proposal is a debt settlement plan. But what if you change your mind after filing? How do you withdraw a proposal and what does a cancelled proposal mean for your debts and credit report? Maureen Parent explains in this post.
What Happens If Your Finances Change After Filing a Consumer Proposal?
Let's say you're in the middle of a consumer proposal plan and your financial situation changes, like you gain an inheritance, win the lottery, or get a big bonus from work, or if you become unemployed - what's the impact on your proposal? Maureen Parent explains in this post.
Why Does The Court Have To Approve A Consumer Proposal?
Yes, the courts are involved in a consumer proposal - but only to an extent. In this post, we explain how exactly the courts are involved in a proposal, what a court approval means and whether you will have to go to court.
Consumer Proposal Laws in Canada
You may already know that a consumer proposal can help you eliminate debt. In this post we explain the top laws and rules that come with a proposal filing so you have a better understanding of the process.
What Happens If Your Consumer Proposal Is Annulled?
If you face an income loss, fall behind on proposal payments and the proposal becomes annulled, what are your options? We explain what a proposal annulment means for your debts, how to revive your proposal, and how to prevent a proposal annulment in the first place.