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How to file a consumer proposal


August 2, 2018 ( Newswire) Here in Canada, there is now a viable alternative to bankruptcy for those who are facing a financial crisis. Consumer proposals are issues by licensed insolvency trustees (LITs)and may be the better option for those who are not so keen on losing all of their assets. In Canada there are many debt solution companies that are more than happy to talk you through consumer proposal and here we are talking about the steps involved in filing for this debt solution. Although there may be a number of alternative options for your particular financial issue, here follows the best way forward for filing a consumer proposal.

Make an appointment

Firstly, you will need to locate your nearest LIT and make an appointment with them for your consumer proposal. This should be free of charge and you can look through your local debt solutions companies in order to find the most convenient options. These professionals will be able to help you to make the most informed choice and once they have looked at your individual set of circumstances, they can start looking into the best solution for your financial needs.

Listen to the options available

Although you may be only interested in the consumer proposal, your LIT is duty bound to make you aware of all of the options available. Bankruptcy may not be the solution you need but you should at least be aware of the ramifications of each option before deciding.

Prepare and file the proposal

If you have decided on the consumer proposal for your way out of debt, it is then required for you to start planning the next steps. The official document will list your total debts and also your repayment amounts and your creditor details. Filing your consumer proposal includes sending your creditors a notice to which they have 45 days to respond to.

Creditor meeting and acceptance

Once your creditors have accepted the terms of your consumer proposal, they are allowed to request a meeting with you. Although this isn't mandatory, they need to do this within 21 days of the notice. Should they accept your consumer proposal, this will then be approved by court. So long as 51% of them are happy with the terms, it will usually be approved thereafter.

Pay the LIT

You will then be duty bound to make the first consumer proposal repayment directly to your LIT. But this should be the only payment that they receive from you during the term of your consumer proposal.


Part of your consumer proposal agreement is to attend 2 debt counselling sessions and this helps in as much as your concerns will be listened to and you will receive help in how to move forward as far as your finances are concerned. In the future, should you be thinking about a financial decision such as a home improvement project with Calgary window companies, your counselling will possible offer you the very best option. Improving your home by looking into upgrading your windows and doors in Winnipeg is always a wise investment, but first you need to ensure the rest of your finances are good.

Debt free

So there it is, once you have made the agreed repayment instalments, you are debt free and your financial future should be in much better shape!

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