Consumer Proposal as an Alternative to Bankruptcy

In need of an alternative to declaring personal bankruptcy? File a consumer proposal! By negotiating with your creditors, you can file a consumer proposal that will require you to pay back only a portion of all your debts and allow creditors to make up the remaining balance. Harris & Partners Inc. provides Toronto consumer proposals. Contact us at one of our offices in Markham, Barrie, Brantford, Hamilton, Kitchener, Oshawa, Pickering, St. Catharines, Brampton, Toronto and North York.

WHAT ARE THE BASICS OF CONSUMER PROPOSALS?

Consumer proposals are offers made by debtors to unsecured creditors, requesting lower payments over a longer period of time.

In most cases, consumer proposals benefit both debtors and creditors. How?

• Debtors stop accruing interest, achieve lower payments, and negate further legal action from creditors.
• Creditor can realize more of the debt than if bankruptcy occurs.

Consumer proposals only deal with unsecured creditors, meaning all secured loans must be handled separately (i.e. car loans, mortgages, etc.).

WHEN AM I ELIGIBLE TO FILE FOR A CONSUMER PROPOSAL IN THE GREATER TORONTO AREA?

You can file a consumer proposal if you’re a consumer with less than $250,000 of unsecured debt. If the debt is more than $250,000, Harris & Partners Inc. can help you file a Division 1 proposal. Don’t wait! There is no reason to lose your house or car unless you wish to give them up.

HOW DO YOU FILE A CONSUMER PROPOSAL?

1. By meeting with one of our Licensed Insolvency Trustees (previously known as Trustees
   in Bankruptcy), you’ll be able to determine your financial position. Once recommended and conditions are met, a consumer proposal is filed with your signature.
2. Your consumer proposal will be reviewed by your creditors. If accepted, they’ll send it back for you to review. Once the terms of the proposal are filled and all payments are made, the remaining debt from the proposal is completely discharged.

WHEN SHOULD YOU FILE?

Now is the moment to contact us! Don’t wait for your debts, penalties and interest charges to increase. For most, the first step onto the path toward a debt-free life involves filing a consumer proposal. With fewer, less expensive payments, consumer proposals are a less stressful way to face your debts head-on.

Harris & Partners Inc. is your go-to debt help in Toronto and Southern Ontario. We have conveniently accessible locations throughout the area, and we are determined to use our expertise to help you live debt-free.