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What is a Consumer Proposal

What is a Consumer Proposal?

By Jennifer Virani

We hear this question all the time; what is a consumer proposal, and how will it affect me? 

A consumer proposal is a formal arrangement filed by a licensed insolvency trustee (LIT) under the Bankruptcy and Insolvency Act (BIA).  It is a viable alternative to bankruptcy if your debts do not exceed $250,000 (not including debts secured by their principal residence, like a mortgage).


The important thing for our clients to know – A consumer proposal is a process that allows you to make an offer to your creditors to repay your debts on new terms. When the process is fully understood, this gives the power back to the debtor to find a solution that will actually work for them. These terms will includes:


  • The amount you are offering to repay.
  • The number of payments, typically a monthly payment plan, is offered over the maximum term of 60 months. 


It is very important to remember, a debtor can, and we strongly believe they should obtain their own advocate and representation to help support them through the consumer proposal process to ensure the proposal is structured on their terms.  


Debt is a challenge for everyone to deal with, but that’s where the experts at 4 Pillars can help. Our team is experienced in helping people manage their debt at all different levels, so you can trust we’ll help you find the best solution to your debt problem. If you’re interested in paying off your debt and reviewing all the options available, including a consumer proposal, get in touch with a 4 Pillars agent near you. We have offices across the country to help Canadians with their debt, wherever they are. Get the process started today!

Jennifer Virani is the local 4 Pillars Debt Consolidator in North Vancouver, contact her for Consumer Proposal help and advice here.

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