Explore the world of consumer proposals, a popular debt relief option for Canadians struggling with debt problems. Learn how this legal process allows you to negotiate with creditors to repay a portion of your debts while avoiding bankruptcy. Discover the benefits of consumer proposals, including protection from creditor actions, debt consolidation, and the potential to keep your assets. Find out if you qualify, how to file a consumer proposal, and what to expect during the process. Get information on working with a Licensed Insolvency Trustee, the role of the Office of the Superintendent of Bankruptcy, and how consumer proposals differ from other debt management solutions. Empower yourself with knowledge to make informed decisions about your financial future.
Quick Guide Link: Do you prefer a concise overview? Read our Consumer Proposal Guide for key insights.
Are you considering a consumer proposal? Contact Hoyes Michalos today for a free, no-obligation consultation with our Licensed Insolvency Trustees. We’ll help you understand if a consumer proposal is the right solution for your unique financial situation.
There are both legal and practical requirements an individual must meet to be eligible to file a consumer proposal. If you are struggling with debt repayment, find out if you should explore a consumer proposal further.
Are you worried about filing for a consumer proposal, and it not being accepted by all of your creditors? Find out how creditors vote on your proposal and what you can do if it gets rejected.
Did you know there is a surplus income penalty in a bankruptcy if you make more than the ‘threshold’ income? Doug Hoyes explains how to calculate this and ways you can avoid a penalty all together.
It is possible to buy a home and get a mortgage after a consumer proposal. Discover timelines, credit rebuilding strategies, and expert tips from Hoyes Michalos to achieve homeownership post-proposal.
Discover how long a consumer proposal in Canada typically lasts, from filing to completion. Learn about key milestones and factors affecting the timeline of your debt relief journey.
Learn how to structure your consumer proposal with flexible payment options. Understand key factors affecting terms and how a Licensed Insolvency Trustee can help.
A consumer proposal is a great way to eliminate problem debt. But, it does come with some disadvantages. The good news is, the benefits often outweigh the downsides. We explain more in this post.
Dealing with financial challenges often involves navigating through a web of debts, each with its own rules and consequences. Secured and unsecured debts pose different considerations, and understanding how a consumer proposal affects secured debt is crucial for anyone contemplating this debt relief option.
Consumer proposals in Canada are a debt relief solution for individuals drowning in debt, offering a structured plan for financial recovery. In this article, we'll explore how a consumer proposal works, explaining eligibility criteria, the filing process, legal protection, creditor considerations, and the pros and cons of this debt management strategy.
A consumer proposal is an affordable way to eliminate overwhelming debt. While there is a fee to file, these fees are included as part of the proposal process. Doug Hoyes explains the costs of a consumer proposal and how payments are calculated to fit your budget.
We frequently meet with individuals who have a car loan. In this post, Doug Hoyes explains how a car loan is treated in a consumer proposal, whether you wish to keep your car or not.
A consumer proposal is a debt settlement plan. But what if you change your mind after filing? How do you withdraw a proposal and what does a cancelled proposal mean for your debts and credit report? Maureen Parent explains in this post.
Let's say you're in the middle of a consumer proposal plan and your financial situation changes, like you gain an inheritance, win the lottery, or get a big bonus from work, or if you become unemployed - what's the impact on your proposal? Maureen Parent explains in this post.
Yes, the courts are involved in a consumer proposal - but only to an extent. In this post, we explain how exactly the courts are involved in a proposal, what a court approval means and whether you will have to go to court.
You may already know that a consumer proposal can help you eliminate debt. In this post we explain the top laws and rules that come with a proposal filing so you have a better understanding of the process.
If you face an income loss, fall behind on proposal payments and the proposal becomes annulled, what are your options? We explain what a proposal annulment means for your debts, how to revive your proposal, and how to prevent a proposal annulment in the first place.
We explore six unique debt case studies to show you just how a consumer proposal can help you eliminate debt and regain financial freedom.
You may be considering a consumer proposal and wondering if it will impact your spouse. To help you get a better understanding, we explain how joint debts work, how your marital assets may be affected and how your spouse may be involved in the process. Learn more.
Your bank may be your biggest creditor in a consumer proposal. In this post, Doug Hoyes discusses what banks look for when reviewing proposals and Hoyes Michalos' process for ensuring consumer proposals are accepted by creditors.
If you've recently completed your consumer proposal - congratulations. Now it's time to plan for life post-proposal. We explain what you can expect, the steps you should take after completing your consumer proposal, and best practices for rebuilding your credit.
A Consumer Proposal Administrator is someone who can file for a consumer proposal. In fact, they are the only authorized debt expert in Canada who can. Learn about their role and how to find one in this blog.
Debt Relief Experts
