Consumer proposals are the #1 alternative to bankruptcy. They are also the only government approved debt relief program in Canada. Learn more about consumer proposals in Ontario, what they are, what creditors are looking for during negotiations, and how a consumer proposal can eliminate your debt.
If you’re struggling to repay debts, you can ask creditors to reduce the amount you have to repay on your debt by offering a consumer proposal. A consumer proposal is a legally binding deal between... Read more »
In a bankruptcy the amount of money you are required to pay is based on your income. Under the surplus income guidelines, the government of Canada has set net monthly income thresholds for a person... Read more »
Consumer proposals carry many potential advantages over bankruptcy, not the least of which is the ability to hold positions of trust while dealing with your debts. In Canada, a bankrupt cannot be a director of... Read more »
A consumer proposal is a formal agreement negotiated between you and your creditors to settle your debt for less than the full amount. So, what makes a consumer proposal legally binding? What say do creditors... Read more »
I’ve seen and heard many false comments about consumer proposals over the years. Despite these misconceptions, a consumer proposal has become the debt relief option of choice for people facing debt problems. Unfortunately, that doesn’t mean... Read more »
It’s not uncommon for someone holding a professional designation to face personal debt problems. After all, financial trouble can happen to anyone regardless of career or income. Anyone may be concerned about how bankruptcy affects... Read more »
Even doctors can face personal financial problems. If you’re an insolvent medical doctor in Ontario, filing bankruptcy will have no impact on your ability to practice medicine. But as your monthly income is likely to... Read more »
Filing for personal bankruptcy or a consumer proposal does not necessarily mean your registration with the Real Estate Council of Ontario (RECO) will be revoked. If you are about to file for bankruptcy or a... Read more »
If you are an insolvent lawyer in Ontario, the Law Society of Upper Canada (LSUC) will place restrictions on your ability to practice law if you are filing for personal bankruptcy. Per By-Law 8, Part... Read more »
If you hold a CHRP, CHRL, or CHRE designation and wish to file for bankruptcy or a consumer proposal, you are required, by law, to notify the Office of the Registrar of the Human Resources... Read more »
Yes, even an accountant can have money problems. If you’re currently a Chartered Professional Accountant in Ontario considering a bankruptcy or consumer proposal to deal with your debt, you can do so without necessarily losing... Read more »
Financial problems can happen to anyone, even financial planning professionals. If you’re a new applicant or a current certified financial planner renewing certification with the Financial Planning Standards Council (FPSC), you will be required to... Read more »
If you are looking to get out of debt with the help of a professional, you may be considering the pros and cons of credit counselling vs a consumer proposal. Credit counselling offers a consolidation... Read more »
While this shouldn’t be complicated, terminology can lead to a lot of confusion. This is no truer than with the concept of a consumer proposal in Canada. Part of the problem is that non-licensed, non-registered... Read more »
It’s not as uncommon as you think for someone to become debt free by filing a consumer proposal, and then, years later, face financial hardship again and require another plan to pay off debt. The... Read more »
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