FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Question RE Consumer Proposal

Hi,
I am considering consumer proposal or credit counselling.
What is the exact difference?
Also, I own a home, do I have to sell it in order to do a consumer proposal program?
I don’t want to consider bankruptcy.

Posted from: Ontario

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One Response to “Question RE Consumer Proposal”

A licensed trustee said...

Credit counseling is designed for people that can afford to repay their debt in full – they are looking for releif from the interest charges. Consumer proposals are for people that can only afford to repay a portion of their debt.

Whomever you speak to about your situation should describe to you how both procedures work and what your payments might be for them too. Then you can decide which makes the most sense for you and your family.