Consumer Proposal

If your situation is more serious:

• You can't pay the full balance due every month of your debts
• You do not want to go bankrupt

Then a consumer proposal might be an option.

A trustee will sit down with you and gather some facts about your situation:

• How much do you owe
• How much can you afford to pay

The trustee will prepare the consumer proposal and send it to all the people you owe money to.

If the plan is reasonable, most of the creditors will accept. Creditors would rather get something in a proposal, rather than a lot less in a bankruptcy.

Credit Rating

The Credit Bureau assigns you an R7 or R9 rating. This will remain on your credit report for three years after completing the Consumer Proposal.