A Consumer Proposal is for individuals whose debts have become unmanageable, but are still able to make some form of payment to creditors. With revisions to their payment plans they will be able to pay back their unsecured debts partially or in full within a maximum term of five years.

In making a proposal to your creditors, it is important you make your monthly payments on time. If you default on three payments during the term of the proposal, the proposal is annulled. This means the proposal is brought to an end by default. In certain circumstances, an amended proposal may be filed prior to the default occurring. However, when a default occurs and an amended proposal is not filed and accepted by the unsecured creditors in time,...

There is no additional cost to you over and above your proposal payments. Proposal fees are set out in the bankruptcy law and determined by way of a tariff calculation. This means that the fees are deducted from your payments into the proposal.

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