Consumer Proposals

A Consumer Proposal is a settlement offer to your creditors. You need to repay only a portion of what you owe without the negative impact of a bankruptcy

A consumer proposal is filed through a Licensed Insolvency Trustee (“LIT”). A LIT is a professional licensed by the Office of Superintendent of Bankruptcy to administer the process of filing a Consumer Proposal under the Bankruptcy and Insolvency Act (Canada). Canada Freedom Financial Center is not a LIT. We work with the debtor to fully understand all options to deal with debt and how each option fits their budget and the long term impact on their credit rating. If you decide a consumer proposal is the most viable option, you will be introduced to a LIT where they will prepare and file your consumer proposal.

A Consumer Proposal is a viable restructuring option for, allowing the consumer to seek legal protection from their creditors under a Federal Statute (Bankruptcy and Insolvency Act).

1 Step 1
Full Name
Phone Number
A Little Brief About Your Debts
0 /
Terms and Conditions

By filing a consumer proposal, you will:

  • Stop all interest charges from the date the proposal is filed
  • Repay just a portion of your debt
  • Repay your debts in equal monthly payments over a period of three to five years
  • Stop all wage garnishments and harassing phone calls from creditors
  • Pay off unsecured debts such as credit cards, lines of credit, payday loans and taxes
  • Keep all of your assets including your car and your home
  • Pay no additional costs or fees beyond your regular monthly payments

Why should I file a consumer proposal?

A Consumer Proposal allows an individual to avoid personal bankruptcy and can be an effective alternative. A successful Consumer Proposal allows you to keep control of your assets while your unsecured creditors agree to accept a lesser sum than is owing to them in full satisfaction of their claim against you.

If any of the following apply to your situation, you might want to file a consumer proposal:

You have consumer debt greater than $5,000 but less than $250,000
• You’re able to repay a portion or your debts, but need more time than your creditors are offering
• You want to stop all interest charges, wage garnishments and threats of legal action
• You don’t want to give up your house or any of your belongings to pay off debt

You can speak to us to learn more about all your options, including budgeting, debt consolidation and bankruptcy. For more information, call us on 1-888-551-6704 or request a call from us today.

What debts can be included?

All unsecured debts can be included in a Consumer Proposal. Anything that does not have any collateral or asset against is eligible: Eg : Credit Cards, Bank Loans, Pay Day Loans, Tax Debts, Student Loan (Over 7 years). It does not have any impact on Mortgage, Car Loan, or anything pertaining collaterals. It also does not affects any future secured borrowings.

We are committed to assisting you
if you are determined to make a fresh start