File a Consumer proposal

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Consumer Proposal

A consumer proposal in Calgary is a legal process which enables you to make an offer to your creditors to modify your payments or to pay them a percentage of what you owe. A proposal allows a fresh start without having to declare bankruptcy.

Briefly the steps are:

  • Choose a Trustee such as Grant Thornton Limited.

  • The Trustee will help you prepare a Statement of Affairs which lists all of your assets, creditors, income, expenses and other pertinent information.

  • Your finances will be reviewed and the Trustee will assist you in preparing a proposal to your creditors.

  • After you make your consumer proposal proposal, most creditors are no longer able to pursue you for collection of their accounts.

  • Public utilities may not discontinue service.

  • You make your payments to the Calgary Trustee who will pay your creditors until the terms of your proposal have been met.

  • You will be required to attend two financial counselling sessions.

  • Once you have met the terms of your consumer proposal, you will receive a document stating that you completed your proposal and you will have no further obligation for the debts covered in your proposal.

» Bankruptcy debts not discharged

Contact one of our Calgary bankruptcy trustees at 310-8888 for a free consultation.

» Who can file bankruptcy or make a proposal?

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