How to File a Consumer Proposal
Talk to a Bankruptcy Trustee
Only a bankruptcy trustee can file a consumer proposal on your behalf. The way it works is that your trustee sends out a “proposal” to your creditors asking that they accept payment of less than the full amount of your debt. Creditors holding the majority of your debts must agree to the proposal for it to work, and not all debts are eligible to be included.
You may need to seriously consider declaring bankruptcy if enough of your creditors don’t agree to the consumer proposal.
If the majority of your creditors accept the bankruptcy trustee’s proposal then you would have the opportunity to repay less than the full amount of your debt within 5 years.