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Estate Manager
Servicing St. Catharines and 3 other locations
A Consumer Proposal can be an excellent option to eliminate your unsecured debt while protecting certain assets you may otherwise have to give up in a Bankruptcy. It will not impact your secured creditors, and you can generally choose which property to keep and which (if any) to sell to fund your Consumer Proposal. Home (or other real property) Vehicles Personal possessions Investments and savings Tax returns and government...
At the time of filing a proposal you will generally be required to turn over all your credit cards to your Licensed Insolvency Trustee. You may not be able to obtain a new credit card until after your proposal term is complete. However, you can usually continue to use or obtain a prepaid or secured credit card during your proposal.

John Athanasiou
CIRP, LIT
Senior Vice President
Servicing St. Catharines and 8 other locations
Normally, secured creditors are not affected by a proposal. In most instances, you will continue to make payments to the secured creditors as per your usual arrangements. However, in your proposal you may choose to surrender and return your secured assets and stop making payments to secured creditors. In these circumstances, any resulting shortfall that may arise from the sale of the asset held as security by the secured creditor will be included...
If you are insolvent, you may be able to file a Consumer Proposal. However, in order to file a Consumer Proposal your total debts, excluding the mortgage on your principal residence, must not exceed $250,000 as outlined by the Bankruptcy and Insolvency Act. For more details, visit our Are You Eligible for a Consumer Proposal page.
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.
A Consumer Proposal allows you to make arrangements to pay all, or part, of your unsecured debt in monthly payments over a specified period of time. It also allows you to change the payment arrangement with your creditors by extending the timeframe, eliminating the interest or reducing the total amount to be paid.
When a Licensed Insolvency Trustee drafts the proposal to your unsecured creditors for you, it must offer your unsecured creditors more money than they would receive if you were to file for bankruptcy. In completing a financial assessment, your Licensed Insolvency Trustee will be able to determine the amount of money you can afford each month to make payments under your proposal to your unsecured creditors.
The federal government provides guidelines to Licensed Insolvency Trustees that enables them to calculate your surplus income. That amount depends on the number of members in your family and your total family income. If you do not have surplus income under these guidelines, it is unlikely you will be able to submit a proposal that your creditors will approve.
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