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Consumer Proposals

Debts Included in a Consumer Proposal

There are so many debts included in a consumer proposal that for many it is a complete solution!

When filing a consumer proposal, substantially all unsecured debts are included. Unsecured debts included in a consumer proposal include bank loans, income tax, HST, credit cards, lines of credit, store cards, personal loans, payday loans, unpaid utilities, losses incurred by mortgage holders upon the sale of the secured asset, memberships and certain student loans.

If you have secured creditors, such as a house mortgagee, or a car loan or lease, you can typically keep the assets by making arrangements to continue paying the secured creditors. If your secured or mortgaged asset is worth less than the amount owed, or you cannot afford to pay for it, you can choose to give it to the secured creditor to sell and then include the deficiency balance in your consumer proposal.  A small number of debts cannot be compromised by a consumer proposal, including child or spousal support arrears, court-imposed fines and penalties, fraud claims, and student loans, if you have not been out of school for at least seven years.

In the past year, the Canadian media has frequently written about the staggering unsecured debt load that the average Canadian family is carrying — in excess of $20,000. With these debt loads, and how high interest rates make it so difficult to get out of debt, filing a consumer proposal is often a very affordable and viable solution for families to resolve their debt challenges.

Your consumer proposal will provide a complete financial solution to both your secured and unsecured debts. When you initially meet with one of our staff, you will be greeted by a highly trained, ethical and caring professional. You will be given the opportunity to discuss your immediate challenges, financial circumstances and future financial goals. With these in mind, we will provide you with a thorough understanding of your options. If a consumer proposal is appropriate for you, and you wish to file one, we will outline the terms of the proposal that we recommend be presented to your creditors, describe how it will assist you, and answer all of your questions. You will have confidence in your decision, the debts included in a consumer proposal and the assets you wish to retain.

For more about the debts included in a consumer proposal, please contact us today!


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