If your debts are under $250,000 (excluding the mortgage on your principal residence) you may be eligible to file a consumer proposal to your creditors.
Once you have exhausted all your options and find that you are still unable to repay your debts, bankruptcy may be a solution.
Proposal to Creditors (Division I)
Should your debts be over $250,000 you may still be able to make a proposal to your creditors, but different rules apply.
Depending on your financial circumstances, if you are able to pay your debts in full with a significant reduction on interest, you may be able to enter into a monthly debt repayment plan. Should this be a viable option, we can make a referral.
Frequently Asked Questions
There is no one-size fits all solution to your financial problems. Everyone we meet is different and we will take the time to discuss all your options with you.
Proposal to Creditors – FAQs
Can filing a Proposal stop garnishment of my wages? Yes, filing a Consumer Proposal will stop garnishments, with the exception of garnishments for child and...
Bankruptcy – FAQs
Are my RRSPs protected? Only RRSP contributions within the twelve (12) month period prior to your date of bankruptcy are not protected. Should your RRSP...
Consumer Proposals – FAQs
How do I know if I qualify for a Consumer Proposal? If your debt is at least $1,000, but less than $250,000 (excluding your mortgage)...