How long does take to file for consumer proposal in Ontario

Table of Contents

Length to file a Consumer Proposal

With a consumer proposal and how long it takes to file a consumer proposal will depend on the following steps with regards to the actual time.

YouTube video

  • Step one: You meet with a Trustee and then determine that a Consumer Proposal is the best option for you. The Trustee will go over the pros and cons regarding a Bankruptcy or a Consumer Proposal, helping you to decide which the best option is.
  • Step Two: The next step is for the Trustee to file your consumer proposal with the office of the superintended of bankruptcy. With the filing of the proposal, this requires all unsecured creditors to stop wage garnishments, legal action and any credit collection. Thus at this stage, unsecured debts stops accruing, and filing your proposal means that you will also stop making direct payments to these unsecured creditors.
  • Step Three: Your consumer proposal and a report regarding your financial situation is then submitted to your creditors.
  • Step Four: From the date submitted, your creditors have 45 days to accept/reject the proposal. Your trustee oversees a number of steps involved here. Furthermore, after 15 days from the creditor approval if it is deem accepted by the court. The actual time with this step will depend on any proposal objections as this will further extend the process.
  • Step Five: When/if your Consumer proposal is Accepted, you now need to follow all of the agreed conditions of the proposal, and make all of the required payments as agreed to your Trustee, who will then distribute the funds. With an accepted consumer proposal, you will also get to keep your assets, if you keep making payments to your secured creditors.
  • Step Six: If your Consumer Proposal is not accepted, you can resubmit your consumer proposal once you have made reasonable alterations to the proposal. Another option is to review your current situation and see if you have any other possible options to repay your debt. The last option for consideration if your consumer proposal is not accepted is to file for bankruptcy.

If you are able to fully complete the conditions of your proposal, then you will legally be released from all the debts that were covered within your consumer proposal.

If you the conditions of the proposal are not met, (ie you miss 3 months payments without filing an amendment to the proposal, it will then be deemed annulled, and then your creditors will now be able to take any legal actions against you in order for them to collect the debts that are owed to them.

If you are in need of financial advice regarding a consumer proposal or bankruptcy, the offices of David Sklar and Associates would be glad to help review your case and see which option would be best for you. Free initial consultation available. Call us today!

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

Share This!

They seem to have given me back control over my earnings.
Theophilus Hove (Tad)
1713483040
Very professional and prompt service . Jackie made my experience very easy . Thank You
Frederick Kirby
1713479696
I can't praise Cori enough from David Sklar & Associates. Cori's acceptance and understanding of the diverse needs and concerns of her clients shines through with zero judgement. She made this process smooth and relieved much of my stress and anxiety around debt. Thank you!
Karen Swan
1713270908
My husband worked with Chen Siga, he walked us through our options and then through the process of getting everything done. Everyone we dealt with was very helpful. Overall a wonder experience, we are so glad we contacted them and got the help we needed.
Amanda Thomas
1712858943
I have been surviving on paycheck-to-paycheck basis and could not go any further because the lending interests just accumulated beyond what I can afford. Fortunately, a good friend recommended Grace Cuffaro from David Sklar & Assoc. and I finally got to settle my financial obligations in a reasonable way. Don't go anywhere else; ignore those financial brokers and social media ads who just want more money from you - go directly to the people who can really save you from drowning in debt.
REX ADAME Southern Ontario Canada
1712776241
I recently had the privilege of working with Trina at David Sklar & Associates, and I cannot praise her enough. Trina’s commitment to her clients goes above and beyond the norm. Here’s why she stands out:Incredible Knowledge: Trina is well-informed and deeply understands her job. Her expertise shines through as she navigates complex processes effortlessly.Client-Centric Approach: Trina doesn’t just follow procedures; she genuinely cares about her clients. She takes the time to listen, empathize, and tailor solutions to their unique situations.Clear Communication: Explaining financial matters can be daunting, but Trina excels at breaking down each step of the process. Her clarity and patience make even the most intricate details understandable.Availability and Accommodation: Trina’s dedication extends beyond office hours. She accommodates last-minute changes and ensures her clients feel supported throughout their journey.In summary, Trina is a gem in the world of customer service. If you’re seeking debt resolution, don’t hesitate to reach out to David Sklar & Associates—and ask for Trina. You’ll be in capable, caring hands.Thank you, Trina, for making a difference!
Darren Augustin
1712689928
Jerry Janiec is very helpful and professional. Thank you.
Urszula Kazula
1712507303
Unbelievable people who just want to help and I'm thankful
David Siria
1712427778
Jackie is awesome!Thank you for pointing me in the right direction.
Cindy McCormick
1712371745
Professional, knowledgeable and people oriented. Unfortunately for me, I had to ask for their assistance a few time and never regret about their service. 5 out of 5. Highly recommended.
Alexander Mikhyeyev
1712355497
js_loader
DS david skalr icon

Book your free consultation.

Call 1-844-962-9200 or fill out the form below. We’ll do the rest.

Contact Us