FQA's

A consumer proposal is a legal binding agreement between you and your unsecured creditors, in which you repay a portion of what you owe them over five years. The amount to be repaid is based on your monthly income, assets, and debt load.

A bankruptcy eliminates any eligible debts and puts a stop to most legal proceedings against you by creditors. Upon filing a bankruptcy, you would assign certain assets to a Licensed Insolvency Trustee; although, in most circumstances you will be able to keep your assets. A first-time bankrupt will have to pay $200 a month for 9 months to be discharged.

Yes you can! We generally structure our proposals so that you are free to pay them off early. 

A common misconception is that your credit rating will be damaged forever once you file a consumer proposal or bankruptcy. Filing a consumer proposal or bankruptcy is going to impact your credit rating for the time that it appears on your credit report. However, if you are in a position where filing a consumer proposal or bankruptcy makes financial sense, it can help with your rising debt load and will help you in the long run. 

Once the Licensed Insolvency Trustee files your consumer proposal or bankruptcy, your creditors will no longer be allowed to garnish your wages, take legal action against you, or make collection calls to collect on debts included in your proposal.