Settle Your Debt Without Going Bankrupt.
A Consumer Proposal is a legally binding settlement with your unsecured creditors. It allows you to consolidate unsecured debts* into one manageable payment, usually a percentage of what you owe. Payments and interest on your debts, collection actions and wage garnishment by unsecured creditors* must stop when the proposal is filed. Payments on secured debts, such as a house mortgage or car loan, typically continue if you can afford to keep those assets. A Consumer Proposal must be accepted by a majority of unsecured creditors and be completed within 5 years.
*Some exceptions apply
A Consumer Proposal can only be accessed through a Trustee licensed by the Office of the Superintendent of Bankruptcy for Canada.
We help determine terms of the proposal, which will depend on your individual situation, and will explain the advantages or disadvantages, as well as your rights and obligations in a Consumer Proposal. The Trustee’s role is to file all required paperwork as well as collect and disburse funds during the process. Costs to file a proposal are set by government legislation and are usually incorporated into the proposal payment.
In cases where a consumer proposal is not one of the correct debt solutions for your situation, we can help you select the debt help Kamloops residents have chosen for nearly a decade. Other debt solutions may include credit counselling or bankruptcy.