Consumer proposal near Montréal: a concrete way to regain control of your debts
Do you feel like you can’t see an end to your payments? Credit cards, personal loans, and lines of credit are piling up, and you’re wondering if there’s a solution other than bankruptcy. If you’re looking for information about a consumer proposal near Montréal, you’re in the right place.
Today, what many still call a concordat proposal is very similar to the consumer proposal, a solution governed by law and administered by a Licensed Insolvency Trustee like Poupart Syndic.
The goal: reduce the weight of your debts, negotiate with your creditors, and regain a manageable budget, without erasing everything as in bankruptcy.
Concordat Proposal / Consumer Proposal: What Exactly Are We Talking About?
Concretely, a “concordat” type proposal consists of presenting an official repayment plan to your creditors through a trustee. It embodies the spirit of the modern consumer proposal:
- You combine your debts into a single monthly payment.
- This payment is reduced and adapted to your actual ability to pay.
- Part of your debts can be eliminated according to the agreed arrangement.
- Interest stops accruing on debts included in the proposal.
Once accepted by the majority of your creditors, the proposal becomes a legal agreement. As long as you respect the payments, creditors can no longer pursue you, garnish your wages, or harass you.
Could a consumer proposal be right for you?
This type of solution is generally suitable for someone who:
- Has significant debts (cards, loans, lines of credit, taxes, etc.),
- Has income but can no longer keep up with current payments,
- Wants to avoid bankruptcy and its heavier consequences,
- Wants a clear plan, with an end date and fixed payments.
In Montréal, if you’re an employee, self-employed, or even retired and your debts are suffocating you, the consumer proposal (similar to what many still call a concordat proposal) can be a very realistic path to give you a fresh financial start.
How Poupart Syndic supports you if you live in Montréal
Poupart Syndic is a Licensed Insolvency Trustee that supports people through their consumer proposal process and other debt solutions.
If you live in Montréal or the surrounding area, here’s how the process typically unfolds:
1. Free and Confidential Consultation
You discuss your situation with an advisor. We analyze your debts, income, expenses, and goals. No decision is made without you understanding all the options.
2. Development of a Realistic Plan
If the consumer proposal is the best option, the trustee prepares a repayment plan with you: monthly amount, duration (often between 3 and 5 years), and percentage of debts that will actually be paid.
3. Filing and Negotiation with Your Creditors
The trustee officially files the proposal and acts as an intermediary. You don’t have to negotiate yourself with each creditor: everything goes through the trustee.
4. Acceptance and Start of Payments
If the proposal is accepted by the majority of creditors, you begin your monthly payments. Collection calls stop, legal actions are suspended, and you finally see an end date to your debts.
Consumer proposal vs bankruptcy: why consider it first?
In many cases, the proposal is considered before bankruptcy because it often allows you to:
- Keep certain assets (depending on your situation),
- Reduce the impact on your credit score compared to bankruptcy,
- Maintain better personal and professional stability,
- Feel more in control of your finances.
Bankruptcy is sometimes necessary, but it’s not the only option. The trustee’s role is precisely to clearly explain the differences between consumer proposal, debt consolidation, voluntary deposit, and bankruptcy, then help you choose what’s realistic for you.
Compassionate support for Montréal residents
Beyond numbers, living with debt also means living with stress, sometimes shame, and many questions. Poupart Syndic stands out through an approach based on listening, respect, and transparency.
Whether you’re in Montréal itself or a neighboring town, you can:
- Quickly obtain a free consultation,
- Speak with someone who takes the time to explain each option,
- Leave with a concrete plan to get out of debt step by step.
Ready to explore a consumer proposal near Montréal?
If the term consumer proposal resonates with you, it’s probably because you’re ready to consider a structured solution to resolve your debts without going directly to bankruptcy. With Poupart Syndic, a Licensed Insolvency Trustee, you’re no longer alone in going through this step.
📞 Contact us for a free and confidential consultation
Discuss your situation, ask your questions, and see if a consumer proposal could be right for you.
