If your debts are too high for you to pay off, a consumer proposal may be a vital avenue to starting a debt-free life — however, many are cautious about starting a consumer proposal when their debts are co-signed. Can you start a consumer proposal if the debt is co-signed? Will the co-signer be forgiven...Continue reading

Receiving a demand letter from the Canada Revenue Agency (CRA) is a stressful experience. Whether it’s due to unpaid taxes, penalties, or other debts, it’s important to understand how to respond. In this article, we outline the steps you need to take when dealing with a demand letter from the CRA. We also include a...Continue reading

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...Continue reading

In these unprecedented times, small businesses across Canada have relied on financial assistance to navigate the challenges brought about by the global pandemic. One significant form of support was the Canada Emergency Business Account (CEBA) loan. As we near the end of 2024, it is crucial for borrowers to stay informed about the updates surrounding...Continue reading

Bankruptcy has serious consequences on an individual’s financial standing, which is why many Canadian debtors consider switching from bankruptcy to a consumer proposal instead. It is well known that a consumer proposal has less of an impact on your credit than bankruptcy, but is switching to a consumer proposal possible? In this article, we’ll explore...Continue reading

What happens when you do a consumer proposal? How much can I save with a consumer proposal? What is the downside of a consumer proposal? What is consumer proposal process? Understanding the Consumer Proposals Consumer proposals are a valuable resource for individuals struggling with credit card debt. These services offer a way to save on credit...Continue reading

To put it simply – If you are facing an overwhelming amount of debt that you are unable to repay, filing a consumer proposal might be a good option for you to consider. You should, however, review all options available and compare the pros and the cons of each. It can be tricky to get...Continue reading