Consumer proposal


What does debt consolidation consist of?

A consumer proposal consists of modifying your obligations to your creditors by offering to make lower monthly payments over a longer period of time. Alternatively, you could also offer to repay your creditors only part of what you owe them.
It is also possible to submit a joint proposal. This situation occurs when certain consumer debtors (for example, a husband and wife) who have a close financial relationship submit several agreements so that they can be dealt as one.

Who can request a consumer proposal?

Any individual who is insolvent (including a bankrupt person) and who has debts not exceeding $250,000 (excluding a mortgage on the principal residence) may make a consumer proposal.
In general, creditors appreciate the fact that you are willing to make efforts to repay them, at least in part.
In most cases, it will be easier to rebuild your credit rating if you choose a consumer proposal.
You should also bear in mind that this option will be better regarded by your creditors than a bankruptcy.
In addition, it will enable you to keep all your belongings. Our team will also provide you with the necessary help to acquire good budget management habits.
However, creditors will be able to continue to recover debts that would not be extinguished by an order of discharge if you had opted for bankruptcy (unless the order explicitly provides for a compromise with regard to creditors and they vote in favor of this option).

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  • It reduces the amount owing to your creditors.
  • It enables you to make one single monthly payment, based on your present budget.
  • You can protect your income by putting a stop to seizures by your creditors.
  • You avoid personal bankruptcy.
  • It extends the repayment period.
  • You pay no interest, starting from the time the proposal is submitted.
  • You can keep your belongings (car, house, RRSP, etc.).

Are you drowning in debt and now sure how to escape it?


Are you drowning in debt and now sure how to escape it?

Are your debt problems so severe that they keep you up at night?
A consumer proposal could be the solution to your debt woes. Poupart Syndic is a licensed insolvency trustee serving Montreal, Laval, Longueuil and the surrounding areas.
To help you make an informed decision about your debt situation, we will address the most frequently asked questions about consumer proposals and the other insolvency options available to you.
Do not hesitate to contact us to learn more about this solution or if you have any other insolvency-related questions.
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