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Consumer Proposals

A consumer proposal is a formal debt settlement option legislated under the Bankruptcy and Insolvency Act and is filed with a licensed trustee in bankruptcy. This option stops further creditor action and allows your debts to be compromised.


Filing personal bankruptcy allows you to be released from most of your debts. It is a formal process under the Bankruptcy and Insolvency Act and is filed by a licensed trustee in bankruptcy.

Consolidation Loans

Debt Consolidation Loans are a popular debt management option for people who are experiencing money problems. Consolidation Loans consolidate your personal debts into one monthly payment, reduce interest charges and will not damage your credit rating.

Credit Counselling

Credit Counsellors can help you with budgeting and money management, filing a Debt Management Plan or by helping you communicate with your creditors. It typically makes sense to use a credit counsellor if you have a relatively small amount of debt.

Dealing With Collection Agencies and Wage Garnishment

Collection Agencies may take legal action against you if you owe money to your creditors and do not make payments. Collection Agencies must follow rules outlined in the Collection Agencies Act, which is regulated by the government.

Rebuilding Credit

Credit rating is a fluid concept and is always changing. No matter what you do, including filing personal bankruptcy or a consumer proposal, you can always rebuild your credit rating.

Latest Stories and Blog Posts

Be Wary Of Fraudulent Credit Counsellors

Although some credit counselling companies are legitimate, there are many fraudulent credit counsellors who charge high fees, provide little or no service and warn against discussing your money problems with a licensed trustee in bankruptcy.

July 3, 2015

Credit Counselling

The Advantage Of Paying Off Your Consumer Proposal Early

  The sooner you pay off your consumer proposal - the better.

June 28, 2015

Consumer Proposals, Rebuilding Credit

Assets That Can Be Kept In A Bankruptcy

You are permitted to keep some assets in a bankruptcy. These exemptions are set by various federal and provincial laws. For personal bankruptcy in Ontario, the following assets are exempt:

June 22, 2015

Bankruptcy, Asset Concerns

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