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Choosing the Consumer Proposal

A consumer proposal is a debt solution that allows you to negotiate a reduction of your debts.

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What Is a Consumer Proposal?

The consumer proposal is a legal solution to debt that allows you to negotiate a reduction in your debts. Afterwards, it is possible to pay this reduced amount over several years. Your payment depends on your monthly budget and not the minimum due on each of your cards.

In other words, a consumer proposal administered by a licensed insolvency trustee reverses the roles.  Creditors have 45 days to accept or refuse. Your financial capacity dictates what you will have to pay on a monthly basis. The amount imposed by each of your creditors does not impact your monthly payment amount.

How to Make a Consumer Proposal

When you want to make a consumer proposal, you must absolutely go through a licensed insolvency trustee (bankruptcy trustee). The trustee will negotiate the agreement with your creditors under the Bankruptcy and Insolvency Act. He or she will ensure that the agreement reached respects your ability to pay.

The trustee will reduce the total amount of your debts by 50%, and in some cases, even more. The trustee will also be responsible for collecting your monthly proposal payments and distributing the dividend to your creditors.

How a Trustee Can Help You

When you involve M. Roy & Associés in your file, you gain several benefits. One advantage is that your creditors will no longer have the right to contact you. They must address the trustee in a mandatory manner. We can count on two other important advantages of a consumer proposal.

First, no interest is payable on the reduced amount of debt. Second, the authorized trustee’s fees are included in a consumer proposal monthly payments. As a result, you do not need to allocate an additional amount to compensate the person handling your file. This is a true “all-inclusive” solution to debt.

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Processus

The consumer proposal is a complex procedure. Our team will assist you through the entire process.
1
We establish a clear and structured plan
2
We take care of the consumer proposal
3
We help you restore your credit score

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Consumer Proposal:
Is It for Me?

In many cases, this option is an interesting alternative to regain control over your finances. Particularly if you have the means to offer a reasonable amount to your creditors or if you own certain assets. That being said, you will be able to keep ALL of your assets within the framework of your consumer proposal. A diverse range of people file for a consumer proposal as a solution to debt with M. Roy & Associés.

Here are the profiles most often seen :

You have a monthly income that allows you to pay off at least some of your debts, in addition to your basic necessities

You have assets that have a higher value than the amount of debt (mortgage on a house, car loan, etc.)

You have already declared bankruptcy in the past and do not want to file for bankruptcy a second time

You want to avoid bankruptcy for reasons other than monetary, such as maintaining a license or professional practice rights

Our team can determine if you are eligible for a consumer proposal and answer your questions about your personal finances. Do not hesitate to call 1-877-352-6661 or complete the online form to get a confidential meeting with our team. The first consultation at M. Roy & Associés is free of charge.

Concerned About Your Finances?

Schedule a free and confidential meeting with one of our advisors
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Questions et réponses sur la proposition de consommateur

Am I allowed to have a bank account or open one?

Yes. It is possible to have a personal bank account even if you are in a consumer proposal. It is possible even if you have no job or money to deposit into your account.

What happens to my proposal if my income decreases?
What is the impact of filing a consumer proposal on my credit?
Does a consumer proposal protect me from legal action or foreclosure?
Can I continue to use a credit card if I make a consumer proposal?
Can I continue to practice my profession and will I have to disclose my proposal to my professional association?
Can I make a proposal for only a portion of my debt?
Do ALL my creditors have to accept my proposal?
My former spouse makes a consumer proposal and has to pay me alimony, what happens to their obligation?
If I owe arrears in the payment of my spousal support to my ex-spouse, could I be released from this debt if I make a proposal?
What happens to my student loan if I make a consumer proposal?
What is the impact of a consumer proposal on my spouse?
If I make a consumer proposal, can I keep all my assets?
If there is a consumer proposal, will family allowances received from governments be seized?
Will I be released from all my debts if I make a consumer proposal?

What Our Customers Say

I am very satisfied with the professional and personalized service I received. They took a huge weight off my shoulders that had been weighing on me for far too long. They worked closely with me, step by step, to ensure that my needs were met, and I’m happy with the results today. Thank you so much!

Nadia coriveau

They are there to help you with your debts. And for companies in financial difficulty

Marie-Joëlle Blouin

Do You Want to Avoid Bankruptcy?

For over 75 years, we have been helping individuals and businesses regain control of their finances. Contact us to get out of debt!

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