Looking to file a Consumer Proposal? Here’s what you must provide to a Trustee:


A complete list of creditors with amounts owing

A detailed list of assets*.

*Including: real property, vehicles, investments and other items of value.

A monthly budget


Verification of Income

A Consumer Proposal is a formal proceeding which allows a debtor to negotiate a settlement with his or her creditors and must be administered through a Licenced Insolvency Professional who will guide the debtor through the process of determining the appropriate amount to offer the creditors based upon the debtor’s current income, non exempt assets, which may be available to creditors, and the debtor’s monthly budget requirements and the Consumer Proposal requires only a majority of the dollar value of the voting creditors to be approved. Upon filing, the Consumer Proposal provides the debtor with an immediate stay of proceedings on most debts and allows the individual debtor to readjust their budget to accommodate the payment required under the terms of the Consumer Proposal.

For most individuals, navigating the debt restructuring process can prove very challenging and speaking to a Licenced Insolvency Professional could be the first step in their road to financial recovery. A Licenced Insolvency Professional will provide them with a free consultation where all options with regards to the financial restructuring will be explored which will provide the debtor with the ability to negotiate a settlement with their creditors and which will alleviate the stress caused by debt collection, threat of garnishment of wages and/or seizure of assets. It will also provide the debtor with the ability to rebuild their credit rating and their financial portfolio and in many cases, will help them to repair other aspects of their lives which may have been affected by the stress of the financial burden which may have been caused by an economic downturn or other factors such as a marital breakup or prolonged illness.

The first step on the road to financial recovery for an individual may seem daunting, but once they realize that there are legislative options which will provide them with relief from the burden of their debt, and with the guidance of the Licenced Insolvency Professional, they will be empowered to create a new financial plan for themselves that will provide them with a “fresh financial start”.