Consumer Proposal Examples, Client Experiences, Reviews and Stories
We explore six unique debt case studies to show you just how a consumer proposal can help you eliminate debt and regain financial freedom.
Category: Consumer Proposals
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.
Does a Consumer Proposal Affect My Spouse?
You may be considering a consumer proposal and wondering if it will impact your spouse. To help you get a better understanding, we explain how joint debts work, how your marital assets may be affected and how your spouse may be involved in the process. Learn more.
Category: Consumer Proposals
Do Banks Accept Consumer Proposals?
Your bank may be your biggest creditor in a consumer proposal. In this post, Doug Hoyes discusses what banks look for when reviewing proposals and Hoyes Michalos' process for ensuring consumer proposals are accepted by creditors.
Category: Consumer Proposals
What Does Life After a Consumer Proposal Look Like?
If you've recently completed your consumer proposal - congratulations. Now it's time to plan for life post-proposal. We explain what you can expect, the steps you should take after completing your consumer proposal, and best practices for rebuilding your credit.
Category: Consumer Proposals
The Role of the Consumer Proposal Administrator
A Consumer Proposal Administrator is someone who can file for a consumer proposal. In fact, they are the only authorized debt expert in Canada who can. Learn about their role and how to find one in this blog.
Category: Consumer Proposals
What Does a Certificate of Full Performance of Proposal Mean?
Wondering what happens after you’ve completed the mandatory requirements of a consumer proposal? We explain what a Certificate of Full Performance means for you and what happens with your debts.
Category: Consumer Proposals
25 Things You Must Know About a Consumer Proposal
Roughly two-thirds of Canadians choose a consumer proposal to eliminate debt. Here are our top 25 facts you need to know about consumer proposals to help you determine if it's a good option for you.
Category: Consumer Proposals
How to Ensure CRA Will Accept Your Consumer Proposal
Are you thinking about filing a consumer proposal, but are unsure if the CRA will accept it? Doug Hoyes provides his best tips for a successful proposal involving tax debts based on his extensive experience.
Category: Consumer Proposals
Options to Pay Off Your Consumer Proposal Early
Do you know the advantages of making extra payments to pay off your consumer proposal sooner? We’ll explain why some of our clients choose to do this, and how to implement this beneficial strategy.
Category: Consumer Proposals
What Happens at the Meeting of Creditors During My Proposal?
Are you stressed about having to meet with your creditors if you file for a consumer proposal? We explain when and what can happen if a meeting of creditors is called and how voting works if a meeting is required.
Category: Consumer Proposals
How Is Cosigned Debt Treated in a Consumer Proposal?
A consumer proposal eliminates your obligation to pay back unsecured debt. But what happens to your cosigner? Learn how cosigned debt is treated in a consumer proposal or bankruptcy.
Category: Consumer Proposals
Consumer Proposal Vs. Division I Proposal to Creditors
Did you know there are two types of proposals in Canada? Learn more about what a consumer proposal and a Division I proposal means for you and your creditors, and which may be the best choice for you.
Category: Consumer Proposals
How Voting on a Consumer Proposal Works
How your creditors vote is one of the most common concerns clients have in a consumer proposal. We explain, in simple terms, how voting works in a proposal and when a consumer proposal is approved.
Category: Consumer Proposals
Can I Be A Director, Executor or Be Bonded If I File A Consumer Proposal?
If you are in a position of trust or dealing with money, find out how filing a bankruptcy or consumer proposal can affect a formal appointment as director, executor or your ability to be bonded.
Category: Consumer Proposals
When Is a Consumer Proposal Legally Binding on your Creditors?
Are you considering filing for a consumer proposal and are curious about what makes the contract legal? We’ll show you what makes a proposal legally binding and what say your creditors have in the process.
Category: Consumer Proposals
What Is A Registered Consumer Proposal?
Navigating the validity of information on insolvency may be overwhelming due to unregulated businesses claiming their services can help. Learn about what a registered consumer proposal is and who can legally provide them.
Category: Consumer Proposals
Can You File A Consumer Proposal Twice?
Have you previously filed a consumer proposal and find yourself in financial hardship again? Learn about how you can file a proposal again and if there are any differences about the process.
Category: Consumer Proposals
Please Stop Paying for Consumer Proposal Representation
Should you pay for third party advice when seeking a consumer proposal? We explain what a consumer proposal administrator is and why you should work directly with a Licensed Insolvency Trustee for debt help.
Category: Consumer Proposals
Must A Consumer Proposal Include All My Creditors?
Learn about how a proposal deals with your unsecured creditors, whether you can hold back debts and how it may impact secured creditors like your mortgage or car loan.
Category: Consumer Proposals
Reviving a Consumer Proposal After It’s Deemed Annulled
Fall behind three payments and your consumer proposal will be annulled by law. If this has happened to you, find out if it’s possible to revive an annulled proposal and exactly how to do it.
Category: Consumer Proposals
Debts You Can and Cannot Include in a Consumer Proposal
Will a consumer proposal deal with your particular debts? Find out how student loans, credit cards, business debts and more are treated in a proposal, and if it’s right for your financial situation.
Category: Consumer Proposals