If you have creditors calling you, a consumer proposal is a less stressful way to pay down your personal debt. You’ll gain immediate protection from creditor proceedings while we help you create a sound consumer debt proposal that resolves your debt and saves you money.
With our experienced Licensed Insolvency Trustees guiding the process, you’ll not only save money but also gain the peace of mind that comes from knowing your financial future is in the best hands, with powerful, forward thinking debt solutions that work.
You can file a consumer proposal if you owe between $1,000 and $250,000 (not including secured debts like a principal residence mortgage).
Consumer proposals end any telephone calls, collection or legal action, wage garnishments, bank account seizures, and unencumbered asset seizures.
A consumer proposal is likely to be accepted by your unsecured creditors because it provides a greater financial recovery than non-payment or bankruptcy.
If you owe more than $250,000, you’re not eligible to file a consumer proposal. You may want to consider a Division 1 Proposal or filing for personal bankruptcy instead.
A consumer proposal must be submitted through a federally regulated Licensed Insolvency Trustee (LIT) like the ones who work at Faber.
Unsecured creditors vote to accept your consumer proposal by a simple majority (50% or more). If your proposal is rejected, you will need to explore other options.
If your consumer proposal is accepted, you will need to fulfill your obligations, which may include:
We can help you weigh your debt-relief options so that you can make a confident and well-informed decision.
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