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How do I know when I can do a Consumer Proposal?

A consumer proposal is an arrangement that will reduce your debts without the necessity or risk of a bankruptcy. In a consumer proposal a debtor offers a settlement to his/her creditors. Even if only fifty percent of the voters creditors agree, the offer is binding on all unsecured creditors, even including the tax authorities.


The ideal candidate to file a consumer proposal is someone;

  • who cannot obtain additional financing on their property despite its increase in value

  • whose job will be at risk in the event of a bankruptcy

  • who does not think bankruptcy is fair

  • who has assets they would lose in a bankruptcy


In a consumer proposal, a debtor submits an offer to creditors. They may either accept the settlement or ask for a meeting of creditors. If less than 25% of the creditors request a meeting, the proposal is deemed to be accepted and is bending on all unsecured creditors.


A consumer proposal provides for payments over a period of up to five years. A debtor may pay the proposal faster. However, as there is no interest charged in a proposal, this factor should be a significant benefit to the debtor to prepay.


Any person in financial difficulty, who does not see bankruptcy as their solution, should contact a PBI professional for advice. You can personally speak directly with Murray or Eric at anytime.


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