Frequently Asked Questions
1.
What is a consumer proposal?
A consumer proposal is a proposal made to unsecured creditors to pay a portion of the debt owed usually over a period of time.
   
2.

How will a consumer proposal affect my credit rating?
A record of your consumer proposal will be retained at the various credit bureaus for a number of years after your consumer proposal has been completed. Different credit bureaus may have different policies.
   
3.
 How long does a consumer proposal last?
Consumer proposals can be up to 60 months.
   
4.
Will a consumer proposal protect me from my creditors?
Yes. Once a consumer proposal is filed, creditors' remedies are restricted in a manner similar to a bankruptcy situation.
 
5.
How does it work?
After discussions with a qualified administrator a proposal agreeable to the debtor will be drafted and sent to creditors, accompanied by my report recommending its acceptance. If there are no significant negative comments received by the administrator in the first 45 days, the proposal is deemed to be accepted by creditors.