A consumer proposal is filed through a Licensed Insolvency Trustee and a viable restructuring option for over 45,000 Canadians a year. It allows the consumer to seek legal protection from their creditors under a Federal Statute (Bankruptcy and Insolvency Act) whereby a debtor usually only repays a portion of what they owe interest free.
Read our guide to consumer proposals and debt consolidation
If you're worried about the impact debt restructuring is going to have on your credit rating, a consolidation loan may be your best option if you're able to qualify. We can review your situation and advise if this is the best route for you, standard criteria to qualify and where best to apply.
Businesses are just as challenged as individuals. Our sister company, Corporate Transition Group gives you practical and specific advice to get your business healthier.
Through this process a debtor is required to give "full disclosure" of all their assets, liabilities, income and expenses as well as business interest as part of the process.
4 Pillars represents the debtor to structure the payment terms of a consumer proposal which is filed by a bankruptcy trustee.