Bankruptcy Toronto, Ontario

The Advantages & Disadvantages of Filing a Consumer Proposal in Toronto

Should you file for bankruptcy in Toronto? Or is filing a consumer proposal a better idea? Owing to the several benefits offered by consumer proposals, an increasing number of people are choosing to file consumer proposals instead of filing for bankruptcy. However it’s best to carefully consider all the pros and cons of filing for bankruptcy vis-à-vis consumer proposal and preferably seek counsel from a licensed insolvency/bankruptcy trustee in Toronto before you arrive at a decision.

Is Filing a Consumer Proposal the Right Solution for you?

To help you make an informed choice, here’s a guide to the advantages and disadvantages of filing a consumer proposal:

Advantages of Consumer Proposals

For those who qualify for a consumer proposal, it’s a great alternative to other debt relief options because it’s the only government-approved debt settlement program in Canada that provides debt relief without filing for bankruptcy. It allows you to repay only a portion of your debts, keep your assets, stops interest when you file, and has affordable monthly payments.

Disadvantages of Consumer Proposals

A consumer proposal is a public record and it may not be as fast as expected. It usually takes longer to complete than a bankruptcy, and worse, your creditor may not accept your proposal. 

Therefore a consumer proposal filing is not for everyone. In fact if you do not possess any assets that could be seized in a bankruptcy, filing for a consumer proposal may not be the ideal solution for you. So it’s important to get your situation assessed by a bankruptcy trustee in Toronto before you arrive at a decision.

Licensed Insolvency/Bankruptcy Trustee Toronto

We understand how stressful it can be with impossible monthly bills, collection calls, and sleepless nights? Our caring staff knows what you are going through. Contact our office on Danforth Avenue if you’re seeking immediate help with bankruptcy in Toronto or another alternative. We can assist you in turning the situation around. Your financial future is brighter than you think.

Licensed Insolvency Trustee Toronto - SPERGEL

307A Danforth Avenue
Toronto, ON M4K 1N7
Free Consultations

Alan Spergel founded our office in 1990, and our staff is very pleased to work in this community. Our attitude is relaxed and welcoming, and our clients immediately feel comfortable, even if they have been hesitant to make their first visit.

We understand your discomfort at this time and are glad to support you. It is our pleasure to reduce your stress by sitting down and discussing alternatives. Our experienced staff can help you choose the best of the available ways to go forward. You may find you have more options than you imagined.

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Our Licensed Insolvency/Bankruptcy Trustee in Toronto can help you reduce your stress and find a solution that fits your situation

Graeme Hamilton - LIT with Spergel - Licensed Insolvency Trustees (Toronto)
Graeme Hamilton – LIT with Spergel – Licensed Insolvency Trustees (Toronto)

Graeme Hamilton, LIT, is here to help you!

Graeme has been helping individuals, households and firms solve their financial problems since 2012. As a LIT he has extensive knowledge of the Toronto area and manages Spergel’s Danforth and downtown Toronto offices. Graeme is passionate about helping people.

He has worked with hundreds of Toronto area residents in financial distress to overcome their personal debt issues. Prior to working in insolvency, Graeme lived in Cambodia for an extended period doing volunteer work with NGO’s.

Come and see Graeme for your free first appointment. Begin by filling out our free consultation form provided on the side of this page or call us at the no. provided below.

Find Our Offices on Danforth Avenue, Toronto

Please use the map below to find our Toronto office or call 1-(877)-959-7347.