Our Proposal Administrators Guide You Through Consumer Proposals

A consumer proposal is an offer to your creditors stating you will pay them a certain amount of money over a five year period or less. This amount is less than what was agreed on at the beginning of the contract or loan. The consumer proposal is a formal agreement that is prepared and filed under the Bankruptcy and Insolvency Act by one of our Proposal Administrators in the GTA at Yanch Dey & Associates Ltd.

After you file a consumer proposal:

  • Collection companies and creditors will stop calling you about your debts
  • Any wage garnishments will be stopped
  • No further interest will be applied to any debts you owe

After the consumer proposal is prepared and submitted on your behalf, the trustee then contacts the creditors you owe to inform them that you’ve filed a consumer proposal. At this point, the creditors have 45 days to request a meeting of creditors. If there is no requirement for a meeting, your proposal is deemed to be accepted. If there is a request for a meeting, your creditors will then vote on whether or not to accept the proposal. If the majority of your creditors vote to accept your proposal, it’s binding on them all.

What do I Lose in a Consumer Proposal?

In a consumer proposal you get to keep your assets; however, the value of your possessions are taken into consideration in setting up the amount you should pay and the time period to make the payments.

What do I Pay in a Consumer Proposal?

If your consumer proposal is granted you make payments directly to the Proposal Administrators. Usually the amount you have to pay will be 50% to 70% less than the amount you owed before doing the proposal.

What Debts does a Consumer Proposal Cover?

Consumer Proposals cover debts that are considered to be unsecured, such as:

  • Credit card debts
  • Lines of credit that are not secured
  • Personal loans to individuals like family and friends
  • Overdrafts on bank accounts
  • Income tax debt

For more information about consumer proposals and financial debt issues, contact Yanch Dey & Associates Ltd. There is no charge to discuss your case.


Yanch Dey & Associates Ltd.

215 Simcoe St N.

Oshawa, ON Canada

L1G 4T1

Oshawa:  905‑721‑7506

Ajax: 905‑427‑6647

Email: help@burtondey.com


Monday - Friday 09:00 AM - 05:00 PM

Saturday & Sunday By Appointment

Evenings by appointment


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