If I File A Consumer Proposal How Long Will I Have To Make Payments

Hello, This is a good question and the answer really depends on your own, unique financial situation.  Consideration must be given to many variables such as the amount of unsecured debt you have; the value of your assets and the extent to which they are exempt and/or secured; and your ability to make payments in the proposal (i.e. your monthly income and expenses or cash flow). Consumer Proposals offer a great deal of flexibility in terms of how they can be set up.  For examplle, a self-employed farmer may choose to make annual lump sum payments rather than monthly payments.  A seasonal worker may wish to make monthly payments of a higher amount from May to October  when they are working full-time and then lower payments from November to April.  There are many possibilities, a review of your cash flow situation will determine what type of payment schedule is best suited to your needs. Consumer Proposals typically involve a monthly payment for a period of 24 to 60 months, however, they cannot extend beyond 5 years.  Upon the completion of the Consumer Proposal, you will receive a Certificate of Full Performance.  The filing of the Consumer Proposal remains on your credit history for a period of approximately three years after completion. Brad Milne CIRP Brandon, Manitoba