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Bankruptcy - Consumer Proposals - Counselling

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File Consumer Proposals in Toronto

Consumer proposals are an alternative to filing personal bankruptcy. It is a legal agreement that is negotiated with your creditors through an administrator. This type of agreement provides you with immediate protection from debt collectors by arranging a partial repayment of your total debt owed. Start taking action to help your financial situation and call Maria Rickard & Associates to learn more about consumer proposals in Toronto.


In order to file a Consumer Proposal, you must:

  • Owe at least $1000.00
  • Have debts less than $250,000, and that excludes any mortgage on a property


The filing of a consumer proposal halts all garnishments, lawsuits, or Court proceedings initiated or that may be initiated.


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. If you miss three payments, then the proposal will be annulled by the administrator and the creditors’ rights are brought back to life and they can recommence collection actions.


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.


  • Attend two counselling 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

A consumer proposal can be a great alternative to filing personal bankruptcy, but you still need the help of a professional to get this completed and get you back on track to a better financial future. If you are facing the calls of creditors and debt collectors, contact Maria Rickard & Associates to learn about consumer proposals in Toronto.

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