Benefits of a Consumer Proposal

Rosen Goldberg Personal

Benefits of a Consumer Proposal

A consumer proposal is often an excellent option for individuals who have significant debt, but who also wish to avoid bankruptcy.

There are many benefits to filing a consumer proposal:

Avoid bankruptcy
Consolidate your debt into one single, affordable payment for a period of up to 5 years
Immediately upon the filing of a consumer proposal:
  • All garnishments are lifted immediately
  • Collection calls stop
  • No further interest is incurred on your debt
You will not lose any of your assets, including your home, your vehicle, your RRSP and your investments
There is no requirement to make any payments to your unsecured creditors other than the payments you make under the proposal – there are no surplus income payments to be made if your income increases during the proposal period
Trustee fees are included in the amount which you offer to your creditors – you will generally not directly pay the trustee for any of our services provided
In many professions, bankruptcy can affect your professional accreditation, or your ability to fully practice your profession. Professional licenses are often unaffected by your filing of a consumer proposal
If you own a corporation, you may remain as a director of it; if you file bankruptcy, you may not remain or become a director of a corporation until you are no longer bankrupt.

Have debt trouble? Speak with us.


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416-224-4200
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