Consumer Proposals in Vancouver and surrounding areas
We Can Help STOP
- Debt Stress
- Being Harassed by creditors
- Receiving Calls from collection agents
- Wages being Garnished
- High Tax Debt
*Federally Licensed and Regulated*
Is a Consumer Proposal the Right Solution?
A Consumer Proposal is a possible alternative to bankruptcy.
If you are eligible for the process, we can work as an administrator between you and your creditors to restructure your debt payments to make your monthly debt payments more manageable.
Consumer Proposal
A consumer proposal is a negotiated settlement between debtors and their creditors, mediated by a licensed insolvency trustee, acting as an administrator under the consumer proposal. It is legally binding negotiated settlement, so once the terms are fulfilled, the debtor is legally released from all debts. Consumer proposals are generally only available to people who owe less than $250,000 (not including debts like a mortgage).
The Process
We work with you to determine what kind of monthly payment you can afford. We will need a complete list of your assets and liabilities to figure out a fair solution for you and your creditors. We then present a proposal to your creditors that will consolidate all your debts into one easy monthly payment. You can usually discharge all of your debt over a few years of payments.
Debt Consolidation
When credit card debt and other high interest loans get out of control, it may be time to consolidate your debts. A Consolidation Loan is offered by your bank or other financial institution. All of your debts will be rolled into one lower monthly payment with a lower interest rate.
Contact us for a FREE "Know Your Alternatives" consultation.
Consumer Proposal FAQs
A consumer proposal is an alternative to bankruptcy whereby you make an offer to your creditors to settle the debt with your creditors without any further interest and often at a significantly reduced amount. A consumer proposal is a formal, legally binding agreement
between you and your creditors that is administered by a Licensed Insolvency Trustee.
The first step in the process is to review your finances with a Licensed Insolvency Trustee who will assess your situation and discuss all of your alternatives. Should it be determined that a consumer proposal is the best solution for you, the necessary paperwork will be prepared and filed, and any legal action will be immediately stopped.
Your initial consultation is key to making the best choices for you and the appropriate actions are taken on your behalf.
The simple answer is yes. If you have a credit card that is at a zero balance when you file your consumer proposal you may keep it. If you don’t have a credit card that is at a zero balance then you can apply for a secured credit card after the approval of your consumer proposal.
One of the biggest advantages of a consumer proposal over bankruptcy is that your non-exempt assets stay in your possession. Unlike bankruptcy, it is your choice if you want to include the sale of an asset as part of the offer to your creditors. For example, if you have a home that has more equity than the exemption amount (in Vancouver, the exemption amount is $12,000), then you would need to take that amount into consideration when forming your proposal to your creditors.
A Licensed Insolvency Trustee can help you navigate your options and come up with a proposal offer that works for you and for your creditors.
A consumer proposal is often better than a bankruptcy for various reasons, including:
1. You can keep your assets and tax refund in a consumer proposal.
2. Bankruptcy payments can be significant if you’re a high income earner, a consumer proposal allows for a fixed payment over a longer period of time, having a positive impact on your cash flow.
3. Consumer Proposal is a simpler process than bankruptcy. Your only obligations are to make the payments as agreed and to attend the mandatory counselling sessions.
4. You can start to rebuild your credit rating sooner than in a bankruptcy.
Vancouver B.C. Offices
1055 W Hastings St – Suite 300 Vancouver, BC V6E 2E9
Call Us: 604-336-9533
Directions to Penticton Offices: Our Vancouver office is located within the Guinness Building on West Hastings Street between Burrard and Thurlow. We are just a short walk from the Burrard Skytrain Station. Meter parking is available on the street, or hourly parking is available in our underground parkade on P4.
Learn Your Alternatives
Bankruptcy
Applying for personal bankruptcy releases you from your debts and gives you a fresh financial start. We’ll help you prepare documentation for bankruptcy and walk you through the proess.
Consumer Proposals
Let us negotiate a payment plan for you though the filing of a consumer proposal. You don’t have to file for bankruptcy. Pay your creditors on a modified payment schedule with no further interest.
Debt Help
Get started today. Download and complete our convenient online application form and bring it with you to your next appointment and save time.