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.

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  • 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!

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So over the past few weeks I’ve had multiple contact with Christine. She was simply amazing. She helped me understand my debt and what options I had available to help relive some of my debt stress that’s affecting my own well being and my family.David Sklar and associates is simply put an amazing company and I highly recommend them to absolutely anybody needing help!
Adam Bertrand
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Christine Sylver was very helpful to my situation. No question asked, she went above and beyond just to give me the options that I need to solve my problems. She explained and made me understand my options. Thank you Christine! Everything was done in a week. Regards, to Richard Sklar for explaining everything further to me. 😊
Kris
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I was blown away by how kind and empathetic Christine and David were. I came into the process expecting to feel embarrassed, but they were so helpful and unquestionably supportive, they made the whole experience a positive thing. On top of that, Christine found a solution for me that was better than I ever could have imagined. I highly recommend Christine, David, and colleagues to anyone.
Mary M
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Christine Sylver has been very efficient in working with me in all aspects toward developing a very favourable consumer proposal which meets my financial budgeting very nicely. She also exhibited a very positive pro client attitude and was every pleasant to communicate with. Richard Sklar also demonstrated a very positive pro client attitude in explaining in detail all aspects. All great!!
Rob Hultgren
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Dealing with Christine was a real pleasure.She was very understanding professional and knowledgeable she answered all my questions.I left feeling relieved a big burden was lifted from my shoulders
John Horan
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Very happy I got in touch with Jackie! She has been a great help and a pleasure to work with! I highly recommend Jackie if you need help getting out of financial debt.
Hailey Cascagnette
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I had the pleasure of working with Jackie and she made the experience very easy and was very honest which I appreciated as I was extremely nervous to go through with the process. Any questions or concerns I've had after our meetings were answered no problems and although it's been a few weeks I can honestly say I've never felt so stress-free. Very thankful for Jackie.
Cassandra Arevalo
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Very considerate of how people can sometimes make mistakes and need help to get things back on track. Great team of people. Thanks to Jacqueline for all her help.
Kevin Chase
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My mother told me about this firm because they helped resolve her situation nearly 25 years ago. I had the pleasure of working with Christine Sylver. I should’ve done this years ago but I am where I am and it is what it is. Extremely courteous, professional and understanding. I hope to never need their services again but they would be my first call! A+
Patrick Martel
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Jerry was extremely thorough and ensured that as a client, I understood all of my options and their repercussions. He offered his professional advice best suited for my situation and he is amazing at his work. Thank you Jerry! :)
Stephanie Belanger
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