Debt Consolidation
Simplify your situation by grouping your debts together to make one payment.
  1. Debt Consolidation
  2. How Does a Consumer Proposal Consolidate and Settle Debt?

Consolidate and Settle Debt by Filing a Consumer Proposal

What Exactly is a Consumer Proposal?

A Consumer Proposal is a legal process, that can be used to deal with your debts when you don’t qualify for a debt consolidation loan, a debt management or debt repayment program, and you don’t want to go bankrupt.

File a Consumer Proposal – Talk to a Bankruptcy Trustee

How does a consumer proposal consolidate and get you out of debt?

Once it is agreed to, a Consumer Proposal (guided by a Bankruptcy Trustee) basically states that you and your creditors agree to consolidate and settle your unsecured debts. By making one payment each month, you repay part of what you owe over a period of no more than 5 years.

The process in Canada is governed by the Bankruptcy & Insolvency Act.

Just like with other debt consolidation options, a Consumer Proposal is the right solution for some people, where other options are better for other people.

Contact Us for More Information About How to File a Consumer Proposal With a Bankruptcy Trustee

Before you file a Consumer Proposal and the Bankruptcy Trustee notifies your creditors about your Proposal, speak with one of our qualified Credit Counsellors to look at all of your options. Depending on the type of debts you have and your overall situation, another option might be better for you. Contact us, chat online or call 1-888-527-8999 to find out more or make a free, confidential appointment.


Related article

File a Consumer Proposal


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Not sure which option is right for you?

Get answers from an expert.

With so many debt consolidation options out there, it can feel overwhelming to try and find the right one by yourself. One of our professional credit counsellors would be happy to guide you through this process by carefully reviewing your whole financial situation with you and answering any questions you have. Speaking with our certified counsellors is always free, confidential and without obligation.

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