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From the category archives:

consumer proposal vs. bankruptcy

Five Reasons Why a Consumer Proposal is Better Than Bankruptcy

November 28, 2011

Here are five reasons why a consumer proposal might be a better solution to deal with your debts than personal bankruptcy in Canada.  The reasons are listed below, or you can watch the video: 1 Your bankruptcy payment each month is based on your surplus income.  If your income increases, you pay more.  In a consumer [...]

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Consumer Proposals Increase Again in 2011

September 7, 2011

In statistics just released by the Office of the Superintendent of Bankruptcy, consumer proposals are on the rise, with filings in the first six months of 2011 increased by 8.7% over the same period last year. As I wrote earlier this year in my post on the massive increase in consumer proposal filings in 2010, [...]

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Avoid the Surplus Income Penalty with a Consumer Proposal

June 27, 2011

Most people who file a consumer proposal do it to deal with their debts while avoiding bankruptcy in Canada. Why would you want to avoid bankruptcy? Because in a bankruptcy the amount of money you are required to pay is based on your income. Each month you are required to provide your trustee with copies [...]

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How Much Will My Consumer Proposal Cost?

February 2, 2011

How much will a consumer proposal cost? More specifically, how much do I have to offer my creditors to get them to accept my consumer proposal? My name is Douglas Hoyes, and as the co-founder of Hoyes, Michalos & Associates Inc., one of the largest consumer proposal administrator firms in Canada, I have administered thousands [...]

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Consumer Proposals: Why a Consumer Proposal May be Better Than Bankruptcy

October 26, 2010

On this site we have previously discussed the topic Consumer Proposal or Bankruptcy- Which is Better? In that article we discussed the fact that once your creditors accept your proposal, your payments are fixed; they never change.  That’s different than filing bankruptcy in Canada: if your income increases while you are bankrupt, your payments may [...]

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Massive increase in consumer proposal filings

August 30, 2010

According to statistics just released by the Office of the Superintendent of Bankruptcy, the number of consumer proposals filed in Canada increased by an astounding 33.7% in the twelve months ended June 30, 2010, as compared to the previous twelve month period. Every province in Canada experienced an increase in the number of consumer proposals [...]

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Consumer Proposals: A “Made in Canada” Solution for Dealing With Debt

August 16, 2010

The consumer proposal is probably Canada’s best kept secret for dealing with overwhelming debt. Even better, a consumer proposal may be the tool that has the greatest capacity for good given our current economic environment. Today the biggest risk to the Canadian economy isn’t the high dollar, and it isn’t our level of productivity, and [...]

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Consumer Proposal or Bankruptcy: Which is Better?

April 20, 2010

The Globe and Mail published a story on How to Avoid Filing for Bankruptcy, and one of the options they highlighted for avoiding bankruptcy is to file a consumer proposal. A number of people commented on the story; some people believe that you should never file bankruptcy under any circumstances, while others believe that it [...]

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Consumer proposal: better than bankruptcy if your income will increase

April 3, 2010

This article is the first in a series that will help you answer the question: “What’s better for me: a consumer proposal, or personal bankruptcy in Canada?” Of course the answer will be different for everyone, but it’s important to consider the differences between the two types of procedures.  One of the most significant differences [...]

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