Consumer Proposals
A personal consumer proposal is a legally binding agreement, facilitated by a licensed insolvency trustee, to restructure your debt under more manageable terms when facing significant financial difficulties.
This arrangement can include reducing the total debt amount, extending the repayment period, or both, and is negotiated with your creditors to avoid the severe consequences of bankruptcy.
Opting for a consumer proposal helps preserve your assets and offers a structured path to regain financial stability, acting as a crucial financial lifeline.
Benefits of a Consumer Proposal
- Debt Reduction: Only a portion of debts need to be repaid.
- Fixed Monthly Payments: Evenly spread payments over up to five years.
- Interest Freeze: Interest accumulation halts upon proposal filing.
- Creditor Protection: Halts collection calls and legal actions.
- Asset Retention: Keep your assets, unlike in bankruptcy.
Hear What Our Clients Have to Say
Emma Taylor
I was able to write off over $70,000 of debt thanks to Canadian Debt Relief
Adam Johnson
Canadian Debt Relief we're very easy to talk to and not judgemental. I was able to finally feel comfortable about my financial situation.
Mike Smith
Canadian Debt Relief saved me from my over $200,000 debt. I am so thankful for them.
Jon Masseti
William at Canadian Debt Relief made me feel so comfortable about discussing my debt. He helped me figure out a plan and become debt free.