How long does take to file for consumer proposal in Ontario

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.

  • 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 and live in the Toronto area, call us at 416-498-9200 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. 

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I have to say, I never thought that such process could have been so quick and easy. But then again I guess that's what happens when you deal with professionals. I dealt personally with Rodha Lewis, who was very attentive to my personal issue and very professional on her work. She's someone who will actually take her take and talk to you about the process and help you as much as she can. I am very grateful to her and very appreciative of her work. I couldn't have dealt with someone better. Thank you very much Rodha for your work.
fidel Cruz
14:35 24 Jun 21
I just completed my proposal and I am thrilled. Rhoda was delightful to work with. She helped me end the phone calls and start rebuilding my life. I highly recommend the services here and will always recommend to anyone who asks. Definitely seek out their services if you are in need of some help.
Maria Curbelo
13:43 23 Jun 21
Very professional and fast service! Also, personable!.. they don't treat you like a number, but like a person.From the time I first contacted them, until I was set up there has been not more than 7 days.I dealt with Jackie, she was great!
Jelena Petrovic
18:06 20 Jun 21
I would just like to say thank you to David Sklar & associates for helping me out in this difficult time I was in way over my head, I was introduced to Jackie Stanley, at that moment things got better the calls stop. Jackie was so professional helpful, trusting answered all my calls all my Text, and emails professionally and respectful!! I can’t believe it, and now I’m gonna build my credit rating back up and have my life back Thank You, Jackie Stanley at David Sklar& associates, for doing an outstanding Job!!!!
Mark Simmonds
21:50 16 Jun 21
I am not very good at putting words together especially when your speechless for all the help from such a friendly happy non judgemental team. From being financially stressed and depression hitting all at once I connected with Jackie Stanley💯❤❤ from David Sklar team in a whole other level,she is an absolutely joy to deal with and very informative let me know there is light at the end of the tunnel.. despite my struggle the amazing lady Jackie Stanley was able to put a smile on my face and make me laugh super happy and grateful 🙏I was able to connect with her from David Sklar &Associates team I 💯 percent recommend her (Jackie Stanley) and will continue to recommend her. To any one looking to get out of debt or have any questions belive me when I say you will not be disappointed with Jackie she's such a great person and I'm lucky to have been able to recieve the help and guidance from such a wonderful person and you will be also...look no further no where but up from here ...Thank you So so much Jackie much appreciated
Richelle Barriault
17:57 16 Jun 21
Reached out to Jackie, who was very cordial and professional. Highly recommended.
The Lit Lion
16:54 16 Jun 21
I must admit that I am so glad I called! I spoke to Rhoda Lewis who right away made me feel at ease. She's so caring and supportive I highly recommend her. Thanks to her my life is now on track! Thank you David Skylar & Associates Inc!
Grace Muller
17:55 25 May 21
Very professional and courteous. Jackie was very helpful and understanding. She was happy to answer any questions I had and we were able to process everything quickly with no hassle.
Nicholas Burnett
17:07 19 May 21
I would say my experience with David Sklar was spectacular, they made it really easy for my through the whole process and now 9 months later my bankruptcy is discharged.i would recommend David Sklar to anyone.
HN
23:00 06 May 21
I had a nagging defaulted student loan that was holding me back. There were a few smaller issues that were compounding. The lockdowns really forced me to look into building back my credit and starting fresh.Ashley at David Sklar & Associates at the Keele and Finch location was a blessing. She was thorough in her explanations and answered any concerns I had. She gave me the options and let me decide what was best. After conferring with her, I decided bankruptcy was the best option. She made the process of filing for bankruptcy easy.There's nothing to be afraid of. Stigma attached to bankruptcy but you can reset if you work hard to make it happen.I highly recommend speaking with Ashley if you have any concerns about debt solutions.
A M
14:39 04 May 21