Consumer Proposal in Ontario
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YOUR GUIDE TO CONSUMER PROPOSAL!
Trustee's Guidance for Debt Relief and Management.
To embark on the path of a consumer proposal, specific criteria must be met:
- Debt must exceed $1,000.00
- Debts, excluding property mortgages, must be under $250,000.00
The submission of a consumer proposal puts a stop to any ongoing garnishments, lawsuits, or potential court actions, whether already initiated or in the future.
Upon the completion of a consumer proposal, you will receive a Certificate of Full Performance.
A consumer proposal cannot be longer than 60 months or 5 years.
Credit Bureau: Upon completion of a Consumer Proposal, the information remains on the credit bureau for 3 years.
The two most common types of proposals are payments over a period of time and a lump-sum proposal that is usually offered by a third party. Since a proposal is a settlement offer, it can be individually designed.
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Discover Frequently Asked Questions from Our Support
- Owe at least $1000.00
- Have debts less than $250,000, and that excludes any mortgage on a property.
It is an offer made to your creditors to settle your debt.
One monthly payment will be determined based on your income and expenses or in some cases a lump sum is offered to the creditors.
Yes, once you file a proposal, your creditors have no further right to call you. They are required to deal with the trustee only.
The filing of a consumer proposal halts all garnishments, lawsuits, or Court proceedings initiated or that may be initiated.
The maximum length of a proposal is 5 years.
Each proposal is different and based on the debtor’s circumstances, as a result the length of a proposal can vary.
- Attend two counseling sessions
- Keep the trustee advised of any change of address
- Make the required monthly payment by the end of each month. The form and time of the payment is up to you
As a proposal is a debt settlement, no assets vest with the trustee, any assets remain as your property.
As long as your spouse’s name is not on the debt and they have not co-signed or guaranteed the debt then your spouse is not affected.
Once the Proposal has been completed, then the information is on the credit bureau for 3 years.
If the balance on a credit card is zero at the time of the filing of the proposal, then the credit card can be retained.
However, you do have to call the credit card company and advise them that you filed a proposal and would like to keep the credit card.
- All debts can be included in the Proposal. However, certain debts that are not forgiven, as per Section 178 of the Bankruptcy and Insolvency Act, will not be forgiven and once the proposal is completed then they can recommence collections.
Section 178 debts include:
- Alimony and maintenance
- Child Support
- Fines or penalties imposed by a court
- Restitution orders
- Student loans if you were a student within the last 7 years
- Debts obtained by fraud or misleading representation
Absolutely nothing happens to your job.
Absolutely not. Once a proposal is filed a stay of proceedings is in effect, which means that no creditor can continue any action against you.
Student loans are only forgiven if you have been out of school for seven years. It is always recommended that you contact Student Loans before proceeding with a proposal and determine when the seven-year period started. If you have not been out of school for more than seven years, then the debt is included in the proposal and while the proposal is ongoing, Student Loans cannot collect on the debt, but once the trustee is discharged then Student Loans can recommence collection action.
If you miss three payments, then the proposal is considered annulled and your creditors will be able to go after you again. If the three missed payments are made up within 30 days of the annulment then the proposal can be revived.