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.
Just like no two individuals’ debt problems are the same, no two consumer proposals will ever be exactly the same either. However the driving forces behind how a consumer proposal is negotiated do follow a similar pattern. Debt... Read more »
It’s been over six years since the Canadian government made changes to the Bankruptcy & Insolvency Act (BIA) in Canada to make bankruptcy more expensive and to promote an alternative: a consumer proposal. Today they are... Read more »
There are many factors to take into account when filing a consumer proposal. One of the most important factors is ensuring that the cost of your consumer proposal fits within your budget. When you are... Read more »
Stand back – it may be time for a rant. Really. This topic tends to set me off and I will tell you why… A consumer proposal is a legal procedure that allows Canadians to... Read more »
Whether it’s because you work under contract or your business has announced some closures, being concerned about the security of your job is stressful. Combine that with extra credit card debts and you worry about whether... Read more »
A consumer proposal in Canada is a negotiated debt settlement arrangement made between a debtor and his creditors through a licensed Consumer Proposal Administrator under the Bankruptcy and Insolvency Act. So what happens when two... Read more »
I’d like to tell you about someone who came to talk to me about filing a consumer proposal. I’ll call him Paul (not his real name). What makes this an interesting story is that at his initial consultation meeting... Read more »
Student loans are similar to all unsecured debts: they can be eliminated in a consumer proposal. However, there are special rules that apply to government guaranteed student loan debt. Specifically, section 178 (1)(g) of the... Read more »
Earlier this month we addressed the question – what are your creditors expecting to receive in a proposal. The next logical step in the negotiation process is to consider how long you should expect to... Read more »
There is a legal remedy available in Canada called a consumer proposal. With a consumer proposal you negotiate a repayment plan with your creditors whereby you repay a portion of what you owe. There can... Read more »
While the cost of a consumer proposal varies for each person based on their income, assets and debts, typically consumer proposal payments result in settling your debts for around 30-40% on the dollar. We explain... Read more »
Why do I tell people I meet with that a consumer proposal is a “win-win” scenario? A consumer proposal is a win for both debtors and creditors because both parties end up with a benefit... Read more »
If you file a consumer proposal with Hoyes Michalos, you have a 99% chance that your proposal will be accepted by your creditors. You read that correctly: our consumer proposal acceptance rate is 99%! Our proposals... Read more »
Most of us don’t want to consider going bankrupt if we can avoid it. Declaring bankruptcy can cause embarrassment, result in the seizure of your assets, and can actually be an expensive method of solving... Read more »
Violet R. (not her real name), widowed, 57 years old, $116,830 in debt, Brampton,Ontario Dear Ted/Doug: I am very grateful to you for meeting and educating me on the consumer proposal process. It was scary... Read more »
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