Join Thousands of Debt-Free Individuals – Find Out if you’re eligible, & how much of your debt can be reduced

Reduce Up to 80% of Your Debt with A Consumer Proposal

Sign Up For A FREE Consultation With Mustafa

– Your Expert Debt Advisor

Are You Eligible To Reduce Your Debt?

  • Do you have a debt from any of these:
  • Credit cards?
  • Line of credit?
  • Taxes?
  • Payday loans/ Cash loans?
  • OSAP?
  • Or any unsecured loans?
  • Do you live in Ontario, Canada?
  • Do you want to reduce your debt?
  • You don’t want to file for bankruptcy?
  • You don’t want the government to take money from your bank account?

If You Answered YES To All The Above, Then You’re Eligible To Reduce Your Debt With A Consumer Proposal.

What Is A Consumer Proposal?

“A consumer proposal is a way better option for getting rid of your debt, than choosing bankruptcy or a debt consolidation loan”

– Mustafa Ezzy, founder of EEZZEECO, and your expert debt advisor

A Person in Black Long Sleeve Shirt Shaking the Hands of a Person in Gray Long Sleeve Shirt

Stressed out by your financial responsibilities? Are creditors nagging you over calls, demanding payments you can’t afford? Then a consumer proposal is for you.

A consumer proposal is a legal debt settlement option to help Canadians like you, to regain control of their finances. It operates under the Bankruptcy and Insolvency Act, to make a fair deal with your creditors.

The goal of a consumer proposal?

To pay back a portion of your debt and be relieved of the rest.

Reduce your debt, keep your assets

A consumer proposal can significantly reduce your unsecured debts by up to 80%, turning a mountain of debt into a small hill while allowing you to keep your valuable assets.

How Does A Consumer Proposal Work?

Assessing your financial situation

Mustafa is a trusted debt advisor with a decade of experience and a proven track record in helping hundreds of people with consumer proposals and bankruptcy, making him a reliable choice for helping you reduce your debts.

He begins by evaluating your debts, income, assets, and liabilities to get a clear picture of where you stand financially, in order to create a custom plan for you.

Step 1 is part of the free consultation. Step 2 and beyond occur after you decide to engage with Mustafa’s services.

Confident senior businessman holding money in hands while sitting at table near laptop

Building your custom debt repayment plan

The repayment plan will include:

  • Small and fixed, interest-free monthly payment
  • Credit counselling
  • Credit rebuilding

Presenting your consumer proposal to creditors

Your proposal is thoughtfully prepared by Mustafa, detailing the repayment plan created in step two, featuring reduced and manageable monthly payments. It will then be sent over to your creditors for review and approval.

Leveraging years of expertise and experience, a compelling case is created that aligns with your creditors’ interests, motivating them to agree to the terms. Your situation will be effectively articulated with your creditors to resolve their concerns and highlight the proposal’s benefits.

Mustafa and his team go the extra mile to seek approval, building the way for your debt relief journey.

The Benefits of Mustafa Doing a Consumer Proposal For You

Man in Black Suit Holding a Silver Tablet

A Consumer Proposal is a route to becoming debt-free, allowing you to settle debts for less than what you owe, resulting in major financial relief and peace of mind.

Once your Consumer Proposal is in motion, you’re shielded from creditor actions.

End to Creditor Harassment

After your Consumer Proposal is accepted, creditors must legally stop all communication attempts such as calls, emails, or letters demanding payments. This can swiftly restore peace to your daily life.

No More Wage Garnishments

Wage garnishments are a financial burden. A Consumer Proposal stops creditors from taking part of your wages, enabling you to manage your budget with your full income.

Legal Proceedings on Hold

When your Consumer Proposal is accepted, any creditor-initiated legal actions or proceedings, like lawsuits or asset seizure, immediately pause.

Despite affecting your credit score, a Consumer Proposal is a better alternative to bankruptcy. Regular payments help in credit score recovery, while good financial management helps rebuild your credit for a healthier financial future.

Your valuable assets are safe with a Consumer Proposal. You won’t have to forfeit these assets, providing much-needed stability in challenging times.

Reduced Stress

No more worrying about different due dates, changing interest rates, or unexpected financial surprises. You’ll know exactly when and how much to pay each month.

Easier Budgeting

With set monthly payments, you can plan your finances with confidence, allocate money for your needs, save, and spend on non-essentials, and regain control of your financial well-being.

Expert Oversight

Mustafa’s team ensures your monthly payments are given to your creditors on time. Their expertise in managing debt and the legal aspects of a Consumer Proposal ensures that the process is well-organized and legally sound.

Creditor Satisfaction

Your creditors appreciate how regular Consumer Proposal payments are and see you’re commitment to repaying your debts, which often leads to them accepting the proposal.

Improved Creditworthiness

As you stick to your monthly payments and credit-building program, your creditworthiness starts to get better. Over time, you can rebuild your credit score, making it easier to access credit when needed, with better terms and lower interest rates.

The beauty of a Consumer Proposal is its flexibility. If your financial situation improves, you can pay off your proposal earlier than expected and become debt free.

With Mustafa Ezzy as your debt advisor, you’re not navigating the process alone. His expertise ensures that you have a partner in your journey to financial recovery. His guidance makes the complex world of debt management far more manageable.

“A consumer proposal, with me by your side, isn’t just a way to get rid of your debts – it’s a way to a more safer financial future. It’s a second chance to take control of your finances, reduce the burden, and make the way for a life free from the shackles of debt.”

~ Mustafa Ezzy, Founder of EEZZEECO

Which debts can be included in a consumer proposal?

Credit Card Debt

Money you owe on your credit cards.

Personal Loans

Any unsecured personal loans you’ve taken out.

Line of Credit

Outstanding balances on unsecured line of credit.

Payday Loans

High-interest payday loans.

Tax Debts

Unpaid income tax or other tax-related debts, such as those owed to the Canada Revenue Agency.

Medical Bills

Medical expenses and bills not covered by insurance.

Utility Bills

Unpaid utility bills like electricity, water, or gas, home warranty, etc.

Student Loans

Certain student loans (Like OSAP) can be included if you’ve been out of school for 7+ years.

Retail Store Debt

Any overdue balances with retail stores or online shops.

Sign Up For A FREE Consultation With Mustafa

Your Expert Debt Advisor

Join Thousands of Debt-Free Individuals – Find Out if you’re eligible, & how much of your debt can be reduced

9 Unbeatable Advantages Of A Consumer Proposal

It Cuts Debt By Upto 80%

It cuts your debt significantly by negotiating with creditors, often reducing unsecured debt by up to 80%.

It’s Better Than Bankruptcy

It’s a better choice with fewer tough outcomes as it avoids the lasting impact on credit associated with bankruptcy.

It Protects Your Assets

It protects your car, personal belongings, and other valuable assets from seizure.

It’s Interest-Free

It offers a clear repayment plan, free from hidden costs or interest charges.

It Stops Creditor Harassment

It legally shields you from creditors which means no more harassing collection calls, wage garnishments, and legal threats.

It Legally Protects You

Once your creditors accept it, they must comply with the agreed terms. This always protects your rights and interests.

It Allows Early Repayment

It allows you to repay ahead of schedule without facing any penalties or extra charges, so you can become debt-free faster.

It’s The Fastest At Credit Recovery

Despite impacting your credit score initially, it helps you recover credit faster than consolidation loans and bankruptcy.

It’s More Manageable On Your Budget

It allows you to have a feasible repayment plan lasting up to five years, resulting in more manageable monthly payments.

Consumer Proposal VS Bankruptcy VS Debt Consolidation Loans

BANKRUPTCY

CONSUMER PROPOSAL

CONSOLIDATION LOAN

Debt Reduction

Bankruptcy doesn’t reduce your debt, PLUS it keeps your creditors actively tracking your income and they can garnish it if it exceeds a threshold limit.

A consumer proposal reduces your debt through negotiation with your creditors on an agreement where you repay a portion of your unsecured debt.

A consolidation loan doesn’t reduce your debt. It combines multiple debts into a single loan with one monthly payment, to simplify finances.

Asset Protection

In bankruptcy, beyond any threshold limits of income and assets, everything else will be garnished.

In a consumer proposal, you keep your personal belongings, even as you negotiate your debt repayment terms with creditors.

A consolidation loan does NOT offer asset protection. Your assets remain at risk as they would with your original debts.

Monthly Payments

In bankruptcy, monthly payments are based on your income and can be much higher, especially if you earn more than the surplus income threshold.

The consumer proposal process is based on a customized plan that aligns with your budget, resulting in more manageable and lower monthly payments.

A consolidation loan is based on the terms you agreed to with your lendor. It might be more predictable than multiple debt payments, but it doesn’t reduce your payment amount.

Impact on Credit Score

Bankruptcy remains on your credit report for at least 7 years for a 1st-time bankruptcy and up to 14 years for subsequent bankruptcies.

A consumer proposal remains on your credit report for 3 years after completion. But, during the process, you may save money monthly, which helps you rebuild your credit faster.

A consolidation loan may initially lower credit score but can improve it through effective debt management.

Legal Framework

The bankruptcy process is supervised by the courts, with specific legal requirements and regulations that you must follow.

Once accepted by your creditors, a consumer proposal process is a legally binding agreement your creditors must comply with.

A consolidation loan is not a legal process, it is just a financial agreement between you and the lender.

Protection from Creditors

Like a consumer proposal, the bankruptcy process initiates a “stay of proceedings”, offering you protection from creditors.

The consumer proposal process initiates a legal mechanism called a “stay of proceedings” shielding you from creditor collection calls, legal actions, wage garnishments, and property claims.

A consolidation loan does NOT initiate a “stay of proceedings”. You will continue dealing with collection calls, legal actions, wage garnishments, and property claims.

Flexibility in Repayment Terms

Bankruptcy has no Flexibility

A consumer proposal process allows for a customized repayment plan tailored to your unique financial situation, resulting in more manageable and lower monthly payments.

In a consolidation loan, the terms are set by the lender, offering limited flexibility in reducing your monthly obligations.

Debt Eligibility

Most unsecured and a few secured debts can be included but there are conditions for retaining assets.

Most unsecured debts can be included in a consumer proposal process. You cannot include secured debts.

A consolidation loan does not eliminate your debts. It combines your existing debts into a new loan. You still need to repay the entire amount owed

Additional Costs

Includes administrative and legal fees. These costs may be paid from your assets before creditors receive any distribution.

A consumer proposal process only includes Mustafa’s affordable fees.

A consolidation loan includes the origination fees, application fees, and interest on new consolidation loans.

Early Repayment

Early repayment is not possible.

A consumer proposal process allows for early repayment (lump sums) without penalties if you want to settle your debt sooner.

Early repayment terms in a consolidation loan vary; some loans have no penalties, while others may incur small fees or conditions.

Sign Up For A FREE Consultation From Mustafa

Your Expert Debt Advisor

Join Thousands of Debt-Free Individuals – Find Out if you’re eligible, & how much of your debt can be reduced

Frequently Asked Questions

A Consumer Proposal is a formal deal between you and the people you owe money to. You don’t have to handle this on your own – Mustafa, your expert debt advisor, alongside a team of Licensed Insolvency Trustees (LIT) will help you out. In this deal, you offer to pay back a part of your debt, often much less than what you owe. You could save up to 80% of your debt! The best part is you get to keep your valuable stuff like your car and home. With a Consumer Proposal, you can become debt-free faster and more easily compared to other debt solutions. Plus, if you can, you can pay it off even more quickly. It’s like having a friendly hand to guide you through your debt journey.

You might be wondering if a Consumer Proposal or Bankruptcy can make your student loans disappear. The answer depends on how long ago you finished your studies. Here’s the deal: according to the Bankruptcy and Insolvency Act, you can wipe out student loan debt through bankruptcy or a Consumer Proposal if you completed your studies more than seven years ago.

So, if you’ve been out of school for over seven years and you’re struggling to tackle your student loan debt, it’s worth talking to Mustafa, your expert debt advisor, and his team of Licensed Insolvency Trustees (LIT) to explore your options.

If it hasn’t been seven years since you wrapped up your studies, you can’t eliminate or settle your student loan debt with a Consumer Proposal or Bankruptcy. However, these processes can still offer legal protection for your student loan debt while they’re ongoing. Plus, the federal and provincial governments may have hardship programs that we can look into.

While a Consumer Proposal or Bankruptcy won’t directly erase your student loan debt if it’s less than seven years old, they can help you eliminate other significant debts (like credit cards with high interest rates). This could free up money in your monthly budget, making it easier to manage your student loan payments without added financial stress.

Absolutely! A Consumer Proposal won’t stick to your credit record forever. Once you successfully finish your Consumer Proposal, a note will stay on your credit report for about three years. But here’s the good news: this won’t stop you from improving your credit score.

One of the key factors for your credit score is your payment history. If you borrow a small amount of money, like with a credit card or a secured credit card, and consistently pay it back on time, your credit score will get better.

Starting with a secured credit card can be a good idea since it’s typically easier to get after your Consumer Proposal is done. With a secured card, you put down a small deposit, and in return, you get a small credit limit to spend. Make sure to use it responsibly by making regular payments.

Keep in mind, though, that fixing your credit won’t happen overnight. It takes time. So, be cautious about companies that promise super-fast credit fixes. The only way to rebuild your credit is by showing responsible and consistent credit behavior over time.

After your Consumer Proposal, prove you can borrow money sensibly, and you’ll be on your way to improving your credit score.

Imagine those places in your neighborhood with signs like “Payday Loans” or “Cash Advance.” These are spots where folks who need quick cash can borrow money and promise to pay it back when they get their next paycheck.

But here’s the catch: Payday loans may seem helpful at first, but they often lead to trouble. Why? Well, the interest rates can be sky-high, and the short-term loan often ends up sticking around longer than expected. It’s like a financial quicksand.

People sometimes get trapped in a cycle of borrowing from one payday loan place to repay another, and it can turn into a financial nightmare.

The good news is that there’s a way out. If you’re stuck in this payday loan loop, a Licensed Insolvency Trustee can help you break free and get your finances back on track.

In Canada, you can get a car loan even if you’re currently dealing with a Consumer Proposal or if you’ve just finished one. The key is to apply with specific auto lenders, show them your Consumer Proposal documents, and make sure your debt-to-income ratio (that’s how much debt you have versus how much money you make each month) is in good shape.

The good news is that there are car dealers all over the country who specialize in helping people in Consumer Proposals. When you finance or lease a car, it’s a “secured debt,” which means it’s a safer type of debt for both you and the lender. If you ever have trouble making payments, the lender can take back the car. But here’s the exciting part: making those monthly payments on time helps rebuild your credit, even if you’re in a Consumer Proposal or have gone through bankruptcy.

We’re here to connect you with these fantastic dealers and lenders in your area, so you can hit the road with confidence!

One common question people ask when they’re in a Consumer Proposal is, “Can I buy a home?” or “Will my bank renew my mortgage if I’m in a Consumer Proposal?” These are essential questions, and the good news is that there are ways to make it happen.

To increase your chances of getting a mortgage during or after a Consumer Proposal, here’s what you should do:

1. Pay Down Your Consumer Proposal Quickly: It’s easier to qualify for a new mortgage and achieve your dream of homeownership if you clear your Consumer Proposal faster than required. Speak with your Administrator about paying it off early. Once it’s paid off, you can apply for a mortgage with better rates, saving you money on interest.

2. Save for a Larger Down Payment: Instead of the typical 5% down payment, aim to save at least 15% to 20% or more. A larger down payment can help you secure a better interest rate, reducing the amount you spend on interest and speeding up your mortgage payoff.

3. Explore Alternative Lenders: Don’t limit yourself to traditional banks. Some alternative lenders may consider your mortgage application shortly after your Consumer Proposal is discharged, provided your past debts are cleared and you’re rebuilding your credit. If you’re refinancing your existing mortgage, you might even use some of the funds to pay off the Proposal.

4. Improve Your Credit: Work on achieving a credit rating above 700. Lenders also want to see at least two “clean” credit facilities on your credit report, like major credit cards (Visa or MasterCard), a car lease or loan, or an RRSP loan if it’s reported to the credit bureau. Keep the balances on your current credit cards below 30% of the limit.

5. Seek Advice from a Mortgage Broker: A mortgage broker can provide valuable guidance. They have a broad view of your options and can offer specific advice on improving your credit. They’ll help you create a plan for obtaining an excellent mortgage in the short and long term.

We’re here to help and can connect you with trustworthy mortgage brokers who provide exceptional service.

Yes, you can usually keep your house when you do a consumer proposal. Your home stays yours as long as you’ve been keeping up with your mortgage payments and property taxes. This means your house is safe from being taken away.

Getting a mortgage after a Consumer Proposal can be a bit tricky because it affects your credit score. But don’t worry, there are ways to improve your chances:

  1. Rebuild Your Credit: After a Consumer Proposal, you’ll need to rebuild your credit. Start by getting a secured credit card and use it for small purchases. Pay off the card in full and on time every month. It’s a necessary step to fix your credit.
  2. Consider Shorter-Term Mortgages: You might face higher interest rates, so look into one- or two-year mortgage terms. When you renew your mortgage with better credit, you can negotiate for lower interest rates. This way, you won’t be stuck with high rates for a long time.
  3. Save for a Bigger Down Payment: If you can, save for a larger down payment. Most lenders like to see at least a 20% down payment. A bigger down payment can help you secure a better mortgage rate.
  4. Be Realistic: Make sure you choose a property you can afford. This includes not only the mortgage but also property taxes, utilities, and maintenance fees. Starting with a smaller place like a condominium is a good idea. You can move to a larger home once your credit and income improve.

By following these tips, you can improve your chances of getting a mortgage after a Consumer Proposal. It’s all about rebuilding your credit and making wise financial decisions.

Don’t worry, filing a Consumer Proposal won’t ruin your credit forever. There’s a common misconception that it’s a credit killer, but it’s not as scary as some creditors may make it seem when they want you to pay them before filing.

The truth is, if you’re considering a Consumer Proposal, your credit might already have some dings from missed or late payments. Some people who file actually had decent credit scores before. The key is that a Consumer Proposal helps you deal with your debt in a more sustainable way. But, it’s not an instant fix.

The great thing about a Consumer Proposal is that it sets you on the right path to rebuild your financial life. Instead of dancing with minimum payments month after month, you break free from that nasty debt and get the chance to build new credit responsibly.

To make sure you’re on the right track, attend the two financial counseling sessions that are part of the Consumer Proposal process. These sessions cover money management and monthly budgeting, and they provide valuable info on how to rebuild your credit once you’ve successfully completed the proposal. It’s a step in the right direction toward a brighter financial future.

Rebuilding your credit after a Consumer Proposal is essential for your financial well-being. The key to this process is demonstrating to credit bureaus (like TransUnion and Equifax) that you can responsibly borrow and repay money on time. This requires a few important steps.

However, if your credit rating is low or poor, it can be tough to get new credit. One solution is a secured credit card. With this card, you make a small initial payment (like $500), which secures your credit limit. For example, if you deposit $500, your credit limit is $500. You can use this card for purchases, both in-person and online, like groceries, gas, or travel expenses. Paying your card bills on time shows that you can handle credit responsibly, and this helps boost your credit score. Over time, your credit limit might increase, and your secured card can become a regular, unsecured one once you’ve proven yourself as a responsible borrower.

The good news is, having a Consumer Proposal doesn’t mean your credit is ruined forever. By taking the right steps, you can enhance your credit and regain a strong financial standing.

When you start a Consumer Proposal, your credit score gets a special “R9” rating from credit bureaus, showing that you’re in a unique payment arrangement. This rating usually sticks around until you successfully finish the Consumer Proposal process.

Once you complete your Consumer Proposal and get the Certificate of Full Performance from your Trustee, a note goes on your credit report. This note hangs around for three years. It tells potential creditors that you took steps to manage your debts and successfully wrapped up your Consumer Proposal.

After those three years, any mention of your previous debts and the Consumer Proposal vanishes from your credit report. To new lenders, it’ll look like you never even had a Consumer Proposal. The only debts that show up on your report will be the ones you took on after completing your Consumer Proposal, like a secured credit card or a car loan.

Sure thing! You can tackle your consumer proposal with one hefty payment, and here’s the lowdown on it.

So, usually, a consumer proposal involves monthly payments. But sometimes, folks opt for a lump-sum deal. This means they gather a significant chunk of money, often with the help of family or by selling assets like their home, and offer it to their creditors.

What’s the deal with lump-sum proposals? Well, here’s the scoop:

  1. It’s a faster route: You only need the majority of your creditors (in terms of the money you owe them) to give it a thumbs up, and once they do, you pay the lump sum. The proposal is done and dusted, usually in no time.
  2. Creditors like it upfront: Unlike waiting up to five years for monthly payments to add up, creditors are all about getting a portion pronto.

So, if you’ve got access to a significant sum, whether from family, home refinancing, or cashing out investments, a lump-sum proposal could be your speedy ticket to financial freedom.

When you’re in a Consumer Proposal, it’s vital to stick to your agreement and make your monthly payments as planned. You’ll typically set up automatic withdrawals from your bank account, and these funds are managed by your trustee. The trustee will then distribute the money to your creditors once a certain amount has accumulated.

Now, the key point to remember is the importance of making these payments on time. If you fall behind on three payments and can’t catch up, your proposal will be canceled. This means your creditors can take legal action to collect the full debt amount, along with the interest accrued since you filed the proposal.

Missing a payment here or there isn’t a big issue if you can replace it promptly. You can schedule an extra automatic withdrawal, drop off a replacement check, pay in cash, or get a money order to the trustee’s office as soon as possible to make up for the missed payment.

Consumer Proposals are usually annulled when people experience job loss or a significant drop in income, such as switching to a lower-paying job or going on long-term disability due to a work-related injury. These situations can make it tough to keep up with monthly payments, and once you miss three, annulment may follow.

Here’s the important part: If your Consumer Proposal is canceled, you still have another option – filing for personal bankruptcy. Your trustee can swiftly prepare the necessary paperwork, and once it’s filed with the government, you’ll regain legal protection from your creditors.

Yes, you can! That’s one great thing about a Consumer Proposal. If you find yourself in a position to pay it off faster, you have the freedom to do so. The best part? You won’t face any extra fees or interest charges. In fact, we recommend paying it off quickly to get your Certificate of Completion sooner and start rebuilding your credit.

No, the payments you make for your Consumer Proposal are not eligible for tax deductions. Even though a government agency, the Office of the Superintendent of Bankruptcy, oversees the process, it’s important to understand that these payments go toward reducing the unsecured debt you owe to your creditors. This debt comes from purchases you’ve made in the past. The main advantage of filing a Consumer Proposal is to relieve the burden of a significant debt and stop further interest from accumulating.

A Consumer Proposal is a way to officially sort out many types of debts that you owe. It’s great for things like credit card bills, department store cards, personal loans, and even tax debt to the CRA. However, there are some debts that you can’t include in a Consumer Proposal. These include your mortgage and car loan. Also, certain debts like child support, spousal support, court-ordered fines, government overpayments, and student loans that you got less than seven years ago can’t be included. Your expert, the Licensed Insolvency Trustee or Proposal Administrator, will tell you which debts can and can’t be part of your Consumer Proposal before it gets all official.

A Consumer Proposal typically lasts for three to five years, with five years being the most common duration. During this time, you make a single monthly payment to your Licensed Insolvency Trustee, who handles the distribution of funds to your creditors on your behalf. The best part is that you have more breathing room for your monthly expenses, as the total amount you owe can be spread out over the entire five-year period.

In simpler terms, here’s how it works: once your Consumer Proposal is accepted, all your creditors are legally bound by the agreement. This means you don’t have to negotiate separately with each creditor, and everyone is part of the same deal. Even those who initially said no during the 45-day voting period are included as long as more creditors say yes.

Once you complete your final payment to the Licensed Insolvency Trustee, you’re in the clear. They’ll give you a Certificate of Completion, and your credit report will be updated to show that you’ve successfully fulfilled your part of the agreement. So, you’re free from your remaining debts, and you’ve got a fresh start ahead!

To file a Consumer Proposal, you need to meet certain requirements. Here’s the simplified breakdown:

  1. Insolvent: You must be in a situation where you can’t keep up with your debt payments.
  2. Total Debt: Your total debt should be less than $250,000, excluding your mortgage.
  3. Stable Income: You should have a steady income source. If not, a family member or friend can help by guaranteeing your monthly payments.
  4. No Ongoing Proposals: You can’t have any active proposals still in progress.

If you’re struggling to make your debt payments, a Consumer Proposal might be a better choice than other options like debt consolidation or credit counseling. It often means paying less to your creditors, and the best part is, the interest stops as soon as your proposal is filed with the government.

When you decide to go for a Consumer Proposal, Mustafa, your expert debt advisor, and his team of Licensed Insolvency Trustees (LIT) will work out a reasonable amount to offer to your creditors based on your financial status. Typically, this amount is about 30% of your total debt. Once this is determined, you’ll handle the necessary paperwork, and the Consumer Proposal will be submitted to the government. Your offer will then be sent to all your unsecured creditors by the Trustee’s team.

In Canada, you can’t submit a Consumer Proposal by yourself. Only a special expert, known as a Licensed Insolvency Trustee (LIT), has the authority to do this. This rule is set in place by the government to maintain the system’s integrity. LITs are well-trained professionals who are knowledgeable about both federal and provincial laws. They’ll have a one-on-one meeting with you to thoroughly assess your financial situation, taking into account your debts, assets, income, and expenses. This ensures that the proposal is correctly prepared, making it legally binding on you and all your unsecured creditors when accepted by most of your creditors. So, you’ll need to work with an LIT to file a Consumer Proposal in Canada.

To file a Consumer Proposal, you need to meet these simple criteria:

  1. You can’t pay your debts on time.
  2. You owe less than $250,000 in total (excluding your mortgage).
  3. You have a steady income to make the monthly payments.
  4. You can’t have any ongoing proposal proceedings.

Yes, you can cancel or withdraw a Consumer Proposal, but there are certain rules to follow:

  1. Early Withdrawal: You can withdraw an approved Consumer Proposal within the first 60 days of filing it.
  2. Later Withdrawal: If you want to withdraw after the initial 60 days, you must do so before the 45th day to maintain the option of filing another proposal later.
  3. Voting Against: If creditors are voting against your proposal and you know you can’t meet their request for more payment, or if a creditor meeting is scheduled where your proposal is likely to be rejected, you should withdraw before the meeting.
  4. Get Advice: Before withdrawing, it’s a good idea to discuss your situation with the Trustee handling your Consumer Proposal. They can explain alternative solutions, like filing for personal bankruptcy, to help you manage your debt.

Will A Consumer Proposal Affect My Employment?

In most cases, employers won’t inquire about it. But in certain fields like finance or insurance, you might need to tell them. Opting for a Consumer Proposal over bankruptcy can help you keep your professional qualifications or licenses, such as those for insurance brokers, corporate directors, real estate agents, or lawyers.

After your Consumer Proposal is submitted, it goes through a voting process involving all your unsecured creditors. They have 45 days to vote on it. In most cases, your proposal is accepted without any changes. However, in some instances, a creditor, like the Canada Revenue Agency (CRA), may request specific conditions or a slightly larger settlement amount.

Here’s the key point: Your Consumer Proposal needs to be more financially appealing to your creditors than what they would get in a bankruptcy scenario. Once a simple majority of your unsecured creditors agree to your proposal, all of them are bound by its terms. This is a significant advantage compared to informal debt settlements, where negotiations happen separately with each creditor, often making the process more complicated.

Consumer Proposals are usually accepted when they are seen as fair and reasonable. Creditors understand that they would receive far less in a bankruptcy situation.

Is your financial juggling act getting out of hand? Are you shuffling debt from one place to cover another? Feeling frustrated with mounting interest on your credit cards or loans? Resorting to cashing your paycheck at a cash store? If this sounds like your situation, it might be time to chat with a Licensed Insolvency Trustee. We know it can be tough to talk about your money troubles, but the good news is there are plenty of options to help you. Many Canadians find a Consumer Proposal is the right fix for their debt issues.

Once you submit your consumer proposal, your creditors will review it. They have 45 days to make a decision – either to accept or decline it. Each creditor with a valid claim has the right to accept or object to your proposal. They can do this before or during a meeting of creditors (if one is requested), or within 45 days after the proposal was filed.

If at least 25% of your creditors, representing a quarter of the total value of your claims, request a meeting of creditors within the initial 45 days, one will be arranged. Alternatively, the Office of the Superintendent of Bankruptcy (OSB) can instruct your Trustee to organize such a meeting. This gathering must occur within 21 days of being called by your Trustee.

In practice, it’s uncommon for creditors to outright reject a reasonable consumer proposal. Instead, they might suggest modifications or request slight adjustments to the settlement offer to better meet their specific needs. There’s typically a way to reach an agreement that satisfies everyone involved. Plus, remember that each consumer proposal is unique, tailored to the individual’s specific assets and debts.

Once your creditors accept your proposal, you’ll make fixed monthly payments to the Trustee. These payments are set and won’t change unexpectedly. While it’s essential to avoid missing payments, life can sometimes get in the way, and you might miss one. If this happens, you can make up the missed payment within a short period to keep your proposal on track. However, there’s a crucial “three-month rule,” officially called a “deemed annulment.” If you miss a third payment during your proposal and don’t catch up promptly, it could lead to your proposal being annulled.

Cancelling your Consumer Proposal is called an annulment. It’s important to know that if your Consumer Proposal is annulled, you’ll face some serious consequences. Unlike some other debt relief methods, if your Consumer Proposal is annulled, you won’t get your money back – all the funds paid to your creditors are gone. Once your Consumer Proposal is annulled, some or all of your creditors may resume contacting you to collect the full debt amount.

If you can, you might consider negotiating informally with your creditors to try and settle your debts on your own, but keep in mind this can be quite challenging. Another option could be selling your assets to raise funds for paying off your debts. Unfortunately, many people who withdraw from a Consumer Proposal end up having to file for Personal Bankruptcy to seek protection from their creditors and alleviate their debt-related stress.

In a Consumer Proposal, you get to keep your stuff! Unlike bankruptcy, where you might have to give up some of your things based on their value and where you live, a Consumer Proposal lets you hang on to your assets if your creditors agree with your repayment plan. This is especially good news if you have a car, money set aside for your kids’ education (RESPs), or if your home has some value left after you’ve paid off the mortgage and selling costs.

Most of the time, your money tucked away in an RRSP is safe from your creditors, but there are a few exceptions (like any funds you added in the last year, which might be counted as assets in some provinces). Each province has different rules (called exemptions) that protect various types of assets from being taken by your creditors. So, in simple terms, many of your things can be safeguarded when you’re in a Consumer Proposal.

Absolutely! A Consumer Proposal can stop your wages from being taken out of your paycheck and also unfreeze any locked bank accounts. It’s like hitting the pause button on creditors’ legal actions to collect your debt. However, there are a few exceptions to this rule. For instance, wage garnishments and legal actions related to unpaid child or spousal support won’t be affected by a Consumer Proposal. These debts can’t be wiped away, and the proposal won’t stop these actions. Similarly, certain other debts like fraud, obtaining property or services by trickery, and court-ordered fines or penalties may not be eliminated and could still be collected during the Consumer Proposal. But, for most other debts, once you file a Consumer Proposal, wage garnishments and those annoying collection calls will be a thing of the past. This magical pause in creditor actions is known as a Stay of Proceedings, which means creditors can’t initiate or continue any legal actions to collect the debt you owe them.

In Canada, the Canada Revenue Agency (CRA) and your bank can take action if you owe them money. If you owe the CRA, they might freeze your bank account. Similarly, if you’re behind on paying back your bank loan, credit card, or other bank-related debts, your bank can also freeze your account without warning. When your bank account is frozen, you can’t take any money out. Instead, the CRA or your bank will use the frozen funds to pay off part or all of your debt. While a Consumer Proposal can help unfreeze your bank account, it won’t recover the funds that were already taken.

Sure, let’s break this down. When you have bad credit, one way to make it better is by getting a special kind of credit card called a secured credit card. It works like this: you put down a small deposit when you first get the card. This deposit acts like a safety net for the credit card company.

For example, let’s say you give them $75 as a deposit. In exchange, they’ll give you a credit card with a spending limit of $200 to $2,000. But remember, you still have to pay an annual fee to use this card.

Here’s the good part: by using this card and making sure to pay off what you owe every month, you’re showing that you can handle credit responsibly. This helps rebuild your credit score. It tells other lenders that you’re a safe bet when it comes to borrowing money. So, yes, you can get a secured credit card even if you’re in a consumer proposal. It’s a tool to help get your credit back on track.

A common worry folks have when considering a Consumer Proposal is how it affects their RRSP (Registered Retirement Savings Plan) savings. You’ve worked hard to save up money for your retirement, and the last thing you want is to lose it all.

The good news is that, in most cases, filing a Consumer Proposal won’t require you to part ways with your RRSP investments or contributions. Your RRSP funds can stay put, allowing you to safeguard your financial future.

Additionally, depending on your province and the federal regulations, there may be exemptions that offer extra protection for your RRSP savings, ensuring your retirement nest egg remains secure.

When you go through a Consumer Proposal, it’s like a legal plan to help manage your debts. This plan will tell you how much you need to pay and for how long. Once you finish making all these payments and do everything you’re supposed to do in the plan, your Licensed Insolvency Trustee will give you a Certificate of Full Performance.

You need to send a copy of this certificate to two big credit companies, TransUnion and Equifax, to let them know you’ve successfully finished your plan. You don’t have to worry too much because the Office of the Superintendent of Bankruptcy will probably also tell them. But it’s a good idea to check your credit report once a year to make sure everything is correct. Sometimes, they might make mistakes, and by checking your report, you can ask them to fix it. This way, your credit score won’t drop because of any errors.

If you’re dealing with overwhelming debt and need a solution without going the bankruptcy route, a consumer proposal could be the answer.

Here’s how it works in simple terms: First, talk to a debt expert, like a Licensed Insolvency Trustee. They’re the go-to pros for debt help. They’ll look at your situation and explain what a consumer proposal is.

If you decide it’s the right move for you, they’ll take care of the paperwork and all the nitty-gritty details. You can only file a consumer proposal through a Licensed Insolvency Trustee because it’s the law.

The Trustee digs deep into your finances, negotiates with your creditors, and helps you get on track to rebuild your financial life. It’s your ticket to a better, more secure financial future and, most importantly, peace of mind.

If you’re trying to decide between “bankruptcy vs consumer proposal,” it’s important to understand both options. These are ways for people who can’t pay their debts on time to get help. Both are managed by a money expert called a Licensed Insolvency Trustee.

Consumer Proposal and Personal Bankruptcy are like legal tools to help you get rid of debt. They follow special rules called the Federal Bankruptcy and Insolvency Act. However, what works best can be different for each person. Your money situation is unique. So, it’s a good idea to learn about these options. You can start by having a free chat with a Licensed Insolvency Trustee.

The Trustee will look carefully at your money situation. They will explain the good and not-so-good parts of the options you have. Remember, bankruptcy and consumer proposal aren’t the only choices. A trustee can help you understand them all. In the end, it’s about finding what works for you. Licensed Insolvency Trustees offer a free, one-hour phone chat where you’re not obligated to do anything. During the chat, the Trustee will look at your debts, income, and things you own, like a house or a car, along with your monthly money plan. Then they will tell you what options could fit your situation.

It’s good to know that Licensed Insolvency Trustees must follow very strict rules (through CAIRP, a group of Licensed Insolvency Trustees across Canada). They must tell you about all the ways to solve your money problems and answer your questions. So, by the end of your chat, you’ll have the facts to make a smart choice about your money.

You might hear about two main ways to get help with debt: a Consumer Proposal and a Bankruptcy. Even though both are legal, they have some important differences. That’s why people often look up “bankruptcy versus consumer proposal” to understand these differences. To make the right decision, you should know your money situation and how these two ways work.

If you’re struggling with debt, like non-stop calls from debt collectors or your wages being taken, talking to a Licensed Insolvency Trustee is the best way to make an informed choice about dealing with your debts.”

Bankruptcy is a legal thing in Canada. It helps people who are in money trouble and want to start fresh. But here’s the deal: You can only do it with a special money expert called a Licensed Insolvency Trustee (used to be known as a “Bankruptcy Trustee”).

In Canada, there are two main types of personal bankruptcy that you can choose from. Here’s a simple breakdown:

  1. Summary Administration: This type is for individuals or consumers when the total value of your assets, when sold, is less than $15,000.
  2. Ordinary Administration Bankruptcy: This type is for both consumers and corporations. If your assets are expected to be worth more than $15,000, you’ll need to go for an ordinary administration bankruptcy.

It’s important to note that the term “bankruptcy chapter 11” is used in the United States, not in Canada. In Canada, something similar to bankruptcy chapter 11 would be a “Division 1 Proposal” or a “CCAA” (Companies’ Creditors Arrangement Act) filing.

In bankruptcy, the money from selling assets is given to different people in a specific order. Here’s who gets paid first:

  1. The costs of a deceased person’s funeral and their will expenses.
  2. The expenses and fees for managing the bankruptcy.
  3. Money owed to specific groups of creditors, like secured, preferred, and unsecured creditors.
  4. Some special types of unsecured debts, such as certain employee claims, child and spousal support, specific municipal taxes, claims by landlords, and certain costs from before the bankruptcy.
  5. Any remaining money goes to regular unsecured creditors.

Many people wonder, “Who pays for bankruptcy?” It’s a common question, and it’s essential to understand what to expect regarding the expenses. The cost of personal bankruptcy in Canada varies from person to person. It depends on factors such as your monthly income, necessary expenses, family size, and assets.

To get a clear picture of the costs and explore your options, the first step is to schedule a free initial consultation with a Licensed Insolvency Trustee. Some individuals may think a bankruptcy lawyer can help, but in Canada, you’ll need to consult with a trustee. They will guide you through the bankruptcy process, explain what bankruptcy means, and even provide insights on comparing a consumer proposal to bankruptcy.

Many folks worry about how declaring bankruptcy might impact their spouse or common-law partner. It’s important to understand that when you file for bankruptcy, your debts are yours alone. This means your spouse or partner won’t be held responsible for your debts. However, if you’ve co-signed any loans with your spouse or anyone else, they’ll become fully responsible for repaying that debt if you go bankrupt. It’s also important to note that bankruptcy doesn’t wipe away debts related to divorce, like alimony or child support payments; those will still need to be paid.

Well, let’s make it clear. Bankruptcy is for people who can’t pay their debts. If you’re living from one paycheck to the next, borrowing money to get by, or only making small credit card payments, it might be a sign. Are collection agencies or creditors constantly bothering you for money? Are they threatening to take you to court or even take money directly from your paycheck? If these things sound familiar, it could be a good time to consider bankruptcy.

People often wonder how bankruptcy works in Canada. Let’s break it down:

  1. Initial Paperwork: You and the Licensed Insolvency Trustee sign the necessary paperwork. The trustee then sends this info to the Office of the Superintendent of Bankruptcy.
  2. Automatic Protection: When you file for bankruptcy, there’s an automatic protection called a “stay of proceedings.” This means your unsecured creditors can’t take legal action or garnish your wages.
  3. Creditor Notification: Within 5 business days, the trustee informs all your creditors about the bankruptcy. They get the required paperwork to file a proof of claim.
  4. Your Duties: During bankruptcy, you have certain responsibilities to fulfill for a successful discharge:
    • Attend a meeting of creditors if one is requested.
    • Attend an Official Receiver’s examination if it’s asked for.
    • Go to two credit counseling sessions within a specific timeframe.
    • Report your monthly income to the trustee and provide proof.
    • Make regular payments to the trustee.
  5. Discharge: If you meet all your duties as per the Bankruptcy and Insolvency Act and if neither the trustee nor creditors object, you become eligible for a discharge. The timing varies based on your situation:
    • First-time filing with no surplus income: In 9 months.
    • Second-time filing with no surplus income: In 24 months.
    • First-time filing with surplus income: In 21 months.
    • Second-time filing with surplus income: In 36 months.

It’s essential to understand that only a Licensed Insolvency Trustee (also known as LIT or trustee) can assist you in Canada when it comes to filing for bankruptcy. Unlike some countries, in Canada, it’s not a bankruptcy lawyer who handles the process. If you’re dealing with debt issues and seeking help, a trustee can offer you a free consultation. In this meeting, they will assess your situation and provide information about various debt relief options, including consumer proposals, bankruptcy, and more. They are there to answer any questions you might have, like explaining the differences between a consumer proposal and bankruptcy in simple terms.

When you file for bankruptcy, you get something called a “stay of proceedings.” It’s like a legal shield that protects you from your unsecured creditors. This means they can’t take you to court, garnish your wages, or keep bothering you to pay your debts. It’s a way to give you some relief from all that financial stress.

When you file for bankruptcy in Canada, it means you’re giving up your assets to help pay back what you owe to your creditors. But don’t worry, you won’t lose everything. There are rules that let you keep some things, and these rules vary by where you live. Here’s a simple example from Ontario:

  1. You can keep your personal stuff like clothes.
  2. Your furniture and appliances up to $14,180 are safe.
  3. If you use tools for your job, you can keep them if they’re worth up to $14,405.
  4. You won’t lose your car if it’s worth up to $7,117.
  5. You can keep part of your home’s value, as long as it’s less than $10,783.
  6. Most life insurance and pension plans are yours to keep.
  7. Your retirement savings (RRSPs) are safe, except for any money you put in during the year before you filed for bankruptcy.
  8. If you’re a farmer, you can hang on to up to $31,379 worth of livestock, fowl, bees, books, and work tools.

Bankruptcy is meant to help you get back on your feet, so there are rules to protect some of your things while making sure you’re still doing your best to pay off your debts.

When you file for bankruptcy in Canada, it’s natural to worry about losing your car. The good news is, there are rules to protect certain assets during this process. Each province has specific laws that allow you to keep one vehicle, typically valued up to a certain amount. For example, in Ontario, you can usually keep a car valued at $7,117 or less. But what if your car is worth more than that?

If your car’s value exceeds the exemption amount, you might still be able to keep it. Here’s how: You can buy back the non-exempt portion from the trustee during your bankruptcy. For instance, if your car is worth $9,000, the non-exempt portion would be $1,883 (the difference between its value and the exemption amount). You can make monthly payments to the trustee to retain your vehicle.

If you’re leasing or financing a car and decide to file for bankruptcy, you can usually keep your vehicle if you’re up to date on your payments. However, it’s essential to continue meeting your lease or loan obligations. If you default on these terms, the leasing or financing company may repossess your car.

This is a big worry for many people thinking about bankruptcy. But the good news is, you may not lose your home. Whether you keep your home when filing for bankruptcy depends on a few things.

  1. Equity: If your home doesn’t have much value left once you subtract what you owe on the mortgage, you have a better chance of keeping it.
  2. Mortgage Payments: If you’ve been keeping up with your mortgage payments, that’s a plus for keeping your home.

In Canada, the rules for keeping your home can differ by province. For example, in Ontario, you can usually keep your home if the equity (that’s the part you own) is under $10,783, and your mortgage payments are up to date. But if your home’s equity is higher, you might still work out a deal to keep it by agreeing to repay the extra value.

Another option is a consumer proposal, or selling your home, depending on your budget and equity. To figure out what’s best for you, it’s a good idea to talk to a Licensed Insolvency Trustee. They can guide you and help you make the right choice for your situation.

Are you thinking about going bankrupt? Depending on your money situation, going bankrupt might be a good choice. But keep in mind, it’s not the only choice out there. By talking to a Trustee, you can learn about all your options and make a smart decision based on your own situation. You can contact Farber to set up a free talk about getting rid of your debt. This can help you get out of debt and start fixing your money life.

To kickstart your bankruptcy journey, the first step is to explore your debt relief options. The good news is, you can easily get started by scheduling a free consultation. This initial meeting won’t cost you a dime. During the consultation, you’ll chat with one of our debt experts. They’ll sit down with you, go over your financial situation, and explain all the possible ways to deal with your debts. It’s a straightforward and cost-free way to begin the bankruptcy process.

When you file for bankruptcy, something important happens. It’s called a “stay of proceedings.” What this means is that your unsecured creditors, those you owe money to without collateral like a house or a car, can’t take legal actions against you. They can’t sue you, garnish your wages, or keep bothering you for payments. It gives you some relief from their demands.

Yes, you can declare bankruptcy in Canada. To do so, you need to have lived or done business in Canada in the past year, and you should be in a situation where you owe at least $1,000 but can’t fully repay your debts on time.

In Canada, only a Licensed Insolvency Trustee can help you file for bankruptcy. Here’s how it works:

  1. Get in Touch: The first step is to schedule a free meeting with a trustee.
  2. Review and Discuss: During this meeting, the trustee will assess your financial situation, explain your choices, and guide you through the bankruptcy process if you decide it’s the right option for you.

Well, if you’re having a tough time dealing with your debts and can’t pay back the people or companies you owe money to, it might be a good time to get help. This kind of help is usually offered by experts who know a lot about money and debts. When you file for bankruptcy, you might not have to pay certain types of debts, like medical bills or other debts that aren’t tied to something valuable, like a house or a car.

But whether or not you should do this depends on your money situation, and it’s different for everyone. A special money expert, known as a Licensed Insolvency Trustee, can look at your situation and suggest the best ways to deal with your debts. It’s not a good idea to just do nothing and keep struggling with things like payday loans and credit cards.

Instead, you can have a first talk with a Licensed Insolvency Trustee for free. They can give you some good ideas about what you can do, and that might help you feel less worried about your money problems.

Filing for bankruptcy isn’t something you can do by yourself. It’s a legal process, and only a Licensed Insolvency Trustee can help you with it. They work under the rules of the Bankruptcy and Insolvency Act (BIA). So, you’ll need their assistance to file for bankruptcy.

Student loans work a bit differently when it comes to bankruptcy. If you’ve been out of school for seven years or more, filing for bankruptcy can help you eliminate student loan debt. However, if you’ve been to school within the last seven years, bankruptcy won’t automatically wipe out that debt. A Licensed Insolvency Trustee can help you understand your options for dealing with student loans.

Yes, you can file for bankruptcy again, but there are some important things to keep in mind:

  1. Automatic Discharge: If it’s your second bankruptcy and you have no surplus income or opposition, you can get an automatic discharge and debt forgiveness within 24 months.
  2. Second Bankruptcy with Surplus Income: If you have surplus income in your second bankruptcy but no opposition, you can get an automatic discharge and debt forgiveness within 36 months.
  3. Third Bankruptcy: In rare cases of a third bankruptcy, you won’t be eligible for an automatic discharge. Your trustee will have to apply to the court for a discharge hearing.
  4. Credit Report: A second bankruptcy will stay on your credit report for 14 years.
  5. Cost Consideration: Keep in mind that filing for bankruptcy again can be expensive, especially if surplus income applies.

Consequences of Filing for Bankruptcy:

While bankruptcy can help eliminate credit card debt and some other unsecured debts, not all debts can be discharged. You’ll still need to pay child support, alimony, fines, and certain student loans. The assets you can keep or may lose, such as your car or home, depend on your specific situation.

Bankruptcy also has a negative impact on your credit report, which will last for at least 6 years from your discharge date. If you’re thinking about bankruptcy again, consult a trustee who can guide you through the process and explain your options.

Personal bankruptcy might sound complicated, but it’s really just a legal way to help people who are struggling with money problems. It’s like a fresh start for your finances.

Here’s the deal: If you can’t pay your bills and debts anymore, personal bankruptcy can help you get rid of those debts. It’s not meant to punish you. In fact, most people who consider personal bankruptcy are just regular folks who’ve hit some tough times.

So, think of it as a chance to wipe the financial slate clean and get back on your feet. It’s like hitting the reset button on your money problems.

Deciding whether or not to file for personal bankruptcy depends on your money situation. While bankruptcy is usually the last resort for dealing with debts, there are times when it’s the best choice. Speaking to a Licensed Insolvency Trustee can help you figure out if personal bankruptcy is the right move.

The trustee will guide you through the personal bankruptcy process and how it affects you. Many people worry about what happens to their finances if they go for bankruptcy. That’s why it’s essential to understand the process.

A trustee will explain personal bankruptcy and your assets, which is a big concern for many. You’ll also learn about how personal bankruptcy affects your credit score and credit situation. In some cases, bankruptcy can improve your financial outlook, which we discuss further in our article about bankruptcies and foreclosures.

Licensed Insolvency Trustees are here to answer your questions. Once you have all the details, you can make the best choice for your financial future.

Filing for personal bankruptcy in Canada is a bit different. You’ll need a Licensed Insolvency Trustee, not a regular attorney. This trustee will handle things for you.

When it comes to what debts can be included, only certain types count. Unsecured debts, like credit card balances, tax debts, personal loans, and similar debts, are on the list. But secured debts, like your mortgage or car loan, can’t be included, unless you’re okay with giving up the stuff those debts are tied to.

Some debts can’t be wiped away by bankruptcy. These include things like spousal and child support payments, recent student loans, debts from fraud, and court fines.

Your trustee will make sure all the paperwork is filled out correctly and let your creditors know about the bankruptcy. They’ll also tell you what you need to do during the bankruptcy, like attending financial counseling sessions.

When you file for personal bankruptcy, you might worry about losing everything you own. But don’t fret, you won’t lose it all. In Canada, each province and territory has a list of things you can keep, called exempt assets. These are things you need to live and make money.

Now, what about personal bankruptcy and marriage? If the debts are yours alone, your bankruptcy won’t affect your spouse or appear on their credit report. But, if you both owe money together, your spouse or anyone who co-signed a loan with you will still be responsible for that debt.

Once you’ve filed for bankruptcy, keep your trustee in the loop if you move, change your phone number, or switch jobs. You’ll also need to go to two money advice sessions with a Licensed Insolvency Trustee. These one-on-one sessions help you learn about budgeting and how to use credit wisely. The aim? To equip you with the knowledge to dodge debt troubles down the road.

It’s usually quite fast, especially in Canada. Instead of lawyers, Licensed Insolvency Trustees manage the process here, following a set of rules called the Bankruptcy and Insolvency Act.

Once you start the process, your unsecured debts are essentially put on hold, and you’re legally protected from your creditors.

Typically, if it’s your first time filing for bankruptcy, you’ll be done in nine months. But, there’s a catch. If you earn more money than a government-set amount for your family size, you’ll need to make extra payments. The trustee will let you know if this applies to you.

If you do have to make extra payments, it will take 21 months for you to be completely finished with bankruptcy. This is still way faster than other places! In a second bankruptcy, it takes 24 months without extra payments or 36 months with them.

Personal bankruptcy is like a special money trouble fix for regular folks. It’s what you do when you can’t pay what you owe anymore. If you’re curious about businesses and bankruptcy, that’s a whole other story with different kinds of bankruptcy. But remember, personal bankruptcy is just for people, not businesses.

Many people worry that filing for personal bankruptcy means losing everything they own, but that’s not entirely true. When you file for personal bankruptcy, you’re allowed to keep certain assets that your province or territory considers as exempt.

For example, if you file for personal bankruptcy in Ontario, you can hold on to:

  1. Essential clothing.
  2. A car worth up to $7,115.
  3. Household items and appliances valued up to $14,180.
  4. Tools you need for work, up to $14,405.
  5. Certain cash or investments in a life insurance plan.
  6. All your savings in RRSP, RRIF, and DPSP, except for contributions made in the 12 months leading up to your bankruptcy.
  7. Your primary residence if your home’s equity doesn’t exceed $10,783.
  8. Company pension plans, especially if they’re “locked in” until your retirement.

The exempt assets can differ depending on where you live, and the trustee will explain what will happen to your assets before you proceed. Non-exempt assets may be taken by the trustee and sold to pay your creditors unless you can reimburse the trustee for their value.

When we talk about personal bankruptcy, there are basically two types that could affect individuals, even though one is more common. Let’s break it down:

  1. Summary Administration Bankruptcy:
    • This is the most common type for individuals.
    • It’s used when the value of your stuff, like your car and other belongings, is less than $15,000.
    • Businesses can’t use this one.
  2. Ordinary Administration Bankruptcy:
    • This one’s for folks who have a lot of valuable things, more than $15,000 worth.
    • Mostly, it’s businesses that go for this option.
    • If you have lots of valuable stuff, there might be better alternatives like a consumer proposal. Those options usually don’t mean you have to say goodbye to your things.

When you go through personal bankruptcy, it impacts your credit score. Think of it as a mark on your financial record. If it’s your first time going through this process, this mark sticks around for six years after you finish the bankruptcy process. Unfortunately, this can make it harder to borrow money, and if you do manage to borrow, you might have to pay higher interest rates.

But here’s the good news: You can bounce back and improve your credit score. It’s like learning from your financial mistakes. You can start by borrowing reasonable amounts of money and making sure to pay it back on time. Getting a secured credit card can be a helpful tool. It’s like training wheels for building your credit. Most people who’ve gone through bankruptcy can still get a secured credit card. Just remember, it’s not the same as a prepaid card – those don’t help boost your credit.

So, while personal bankruptcy may have consequences, it doesn’t mean your financial life is over. With the right moves, you can get back on track and rebuild your financial future.

In some places, when someone needs to file for personal bankruptcy, they can go to a tax lawyer or a bankruptcy attorney for help. However, in Canada, it works a bit differently. Here, only Licensed Insolvency Trustees have the authority to manage the personal bankruptcy process. This is a strict rule for bankruptcy in Canada.

You might wonder if this rule varies from province to province, like in Ontario. The answer is no. Whether you’re in Ontario or anywhere else in Canada, you can’t use a bankruptcy attorney to file for personal bankruptcy. The personal bankruptcy process is always overseen by a Licensed Insolvency Trustee. Nevertheless, it’s always a good idea to consult with a lawyer for legal advice if needed.

Once you complete personal bankruptcy in Canada, you get a fresh start. Your debts are wiped out, with a few exceptions. Typically, this happens after nine months if you’ve met all your responsibilities and didn’t have to pay extra money. If it’s your first time filing for bankruptcy, you’ll likely be discharged in this period.

However, personal bankruptcy can affect your credit score for about six years after the discharge. But don’t worry! You can begin to rebuild your credit. One way to do it is with a secured credit card, which is like training wheels for your credit score.

Here’s how it works: You make a deposit, let’s say $500, and in return, you get a credit card with a $500 limit. You can use it just like any other card. Buy things and pay your bills on time, and your credit score will slowly get better. But remember, a secured credit card isn’t the same as a prepaid one. Prepaid cards won’t help you improve your credit because they don’t let you carry a balance or make monthly payments. So, a secured credit card is a smart choice to rebuild your credit.

You might wonder how many times you can file for personal bankruptcy. There’s no strict limit according to federal rules, but there are some important things to know:

  1. Second Bankruptcy: If you file for bankruptcy a second time, it will take longer to clear your debts (be discharged). Plus, the second bankruptcy will show on your credit report for 14 years (instead of six, like in the first bankruptcy). This makes it tougher to get a loan, which can affect your finances.
  2. Third Bankruptcy: Filing for bankruptcy a third time is more serious. You won’t get an automatic discharge. You have to go to court, and there might be extra conditions. For example, your bankruptcy could last longer, or you might need to make more payments. So, it’s a big deal.
  3. Best Time to File: When to file for personal bankruptcy depends on your unique situation. If you’ve filed twice before, the third time is even harder.

In simple terms, while there’s no strict limit, filing for bankruptcy multiple times makes it more complicated and has a longer impact on your finances.

When it comes to personal bankruptcy and your business, it mainly depends on the type of business you have. Let’s break it down:

  1. Sole Proprietorships and Partnerships: In these types of businesses, you and your business are pretty much the same thing. So, when you file for personal bankruptcy, it’s like your business is also declaring bankruptcy because there’s no legal separation.
  2. Incorporated Businesses: Now, if your business is incorporated, it’s considered a separate entity from you. However, there’s a catch – if you go bankrupt, you can’t be a director of a company.

If you’re still unsure about how personal bankruptcy might affect your business, the best thing to do is have a chat with a Licensed Insolvency Trustee. They can give you the lowdown on how bankruptcy could impact your specific business situation.

When you go through bankruptcy, it leaves a mark on your credit report. If it’s your first time filing for bankruptcy, this mark stays on your report for six years after you finish the process.

This credit report mark can make it harder to get a loan. Lenders might see you as a bigger risk because of the bankruptcy. So, if you want a personal loan after bankruptcy, it’s possible, but you might have to deal with a much higher interest rate.

But here’s the good news: If you’re responsible with your finances, pay your debts on time, and follow smart money practices, your credit score will gradually improve. And when that happens, it becomes easier to get loans.

Many people wonder how bankruptcy impacts their marriage. It’s actually quite straightforward. If you have debts in your name alone, your bankruptcy won’t affect your spouse. Your bankruptcy shows up on your credit report, but not on theirs.

However, when it comes to debts you share (like loans you both signed for), or if your spouse co-signed for a loan, they become 100% responsible for repaying those debts when you file for bankruptcy. You won’t have to pay, but the co-signed debt doesn’t go away.Now, what about your stuff? In a bankruptcy, only the things you own will be considered. Your share of shared assets will be included, but not your spouse’s.

If you’re having trouble paying your bills on time, you might consider bankruptcy. But how much does it cost? Well, the cost of bankruptcy depends on a few things:

  1. How much money you have left over each month after paying your bills.
  2. How big your family is.
  3. What stuff you own.
  4. Whether you’ve been bankrupt before.

In Ontario, a single person with low income and almost no stuff might pay around $1,800 to file for bankruptcy the first time. But remember, the cost can vary. To find out exactly how much it’ll cost you, it’s a good idea to schedule a free meeting. Most bankruptcy pros offer these free meetings to explain your options and figure out the costs. So, don’t worry about finding low-cost help – there’s free advice available to help you.

Looking for affordable help when dealing with bankruptcy? In Canada, you don’t usually need a bankruptcy lawyer to file for bankruptcy. You can only file through a Licensed Insolvency Trustee. If you’re worried about the cost, there’s something called The Bankruptcy Assistance Program (BAP) that can help. They’ll connect you with a Licensed Insolvency Trustee, and the cost will be based on your available income, making it more affordable. However, there are certain conditions you need to meet to be eligible for this program:

  • You must have talked to at least two trustees who said you can’t afford their fees.
  • You’re not in jail.
  • You’re not involved in business activities that would make the bankruptcy process really complicated.
  • You don’t have to pay extra income to the bankruptcy estate.

For more details about bankruptcy costs in Canada, you can contact a trustee or visit the Office of the Superintendent of Bankruptcy’s website.

Chapter 7 bankruptcy is a legal process in the United States. In the U.S., there are fees you need to pay when you file for it. But remember, this is different from Canada, and in Canada, there are no such fees.”

Filing bankruptcy in Ontario typically costs around $1,800 for someone with low income and few belongings. You can split these costs into monthly payments with the trustee. Keep in mind that everyone’s situation varies, so it’s a good idea to have a free consultation with a trustee to discuss any possible extra expenses.

You might be wondering about the price of filing for bankruptcy in Canada. It’s important to know that there is a fee associated with this process. On average, in Ontario, the minimum cost to file for bankruptcy is around $1,800 for first-time filers. However, the exact bankruptcy filing cost depends on your unique situation.

Licensed Insolvency Trustees, like Mustafa Ezzy at EEZZEECO, can help you work out payment arrangements. Typically, this cost is spread out over nine months, making it more manageable.

Several factors influence the total cost, such as your surplus income and the value of your assets. It’s essential to understand that the bankruptcy filing cost is not the same for everyone. The Office of the Superintendent of Bankruptcy (OSB) sets income thresholds to ensure people can maintain a reasonable standard of living in Canada. Your income compared to these thresholds will determine how much you pay and how long your bankruptcy lasts.

If your income exceeds the threshold, you’ll be required to contribute 50% of the surplus income to your bankruptcy for the benefit of your creditors.

Since the cost of filing for bankruptcy can vary based on individual circumstances, it’s a good idea to consult a Licensed Insolvency Trustee, like Mustafa Ezzy, who can provide precise information about your situation and the associated costs. This way, you’ll have a clear understanding of how much you’ll need to pay.

If you’re thinking about hiring a bankruptcy lawyer in any part of Canada, it’s good to know what they actually do. Here’s the deal: You don’t have to hire a lawyer to file for bankruptcy in Canada. A special pro called a Licensed Insolvency Trustee takes care of all the bankruptcy stuff, and their fees are covered by the cost of the bankruptcy itself. In simpler terms, you don’t need to worry about paying a bankruptcy lawyer separately.

Can lawyers who specialize in bankruptcy help with settling your debts? Well, it works a bit differently in the US and Canada. In the US, you can hire a lawyer to negotiate your debts. In Canada, you don’t need a bankruptcy lawyer to file for bankruptcy. Instead, a Licensed Insolvency Trustee will guide you through your options for managing your debt. It’s a different process depending on where you are.

If you’re worried about the cost of a bankruptcy lawyer, don’t be. You don’t actually need a lawyer to file for bankruptcy in Canada. Lawyers can give you some advice about your money problems, but they can’t file for bankruptcy on your behalf. The people who can do that are called Licensed Insolvency Trustees.

When you declare bankruptcy, it can wipe out many of your debts, including what you owe to your lawyer. But remember, if you don’t pay your lawyer, they may not continue to help you with your legal matters.

In simple terms, when you declare bankruptcy, it can help you get rid of many types of debts, and that includes any money you owe to a lawyer for their services.

In many situations, you don’t need one if you’re thinking about bankruptcy or a consumer proposal. But if you have a lot of valuable stuff or complicated legal issues, talking to a bankruptcy lawyer might be a good idea. They can give you more advice and help you figure out what to do.

In Canada, you don’t have to hire a lawyer to file for bankruptcy, unlike in the United States. Instead, you work with a specialized professional called a Licensed Insolvency Trustee to go through the bankruptcy process.

You don’t need a lawyer to file for bankruptcy or a consumer proposal in Canada. Instead, a Licensed Insolvency Trustee will help you through the process.

In Canada, you don’t need a lawyer to file bankruptcy. Instead, you work with a Licensed Insolvency Trustee who helps you navigate the process. Once you’ve chosen a trustee, it’s not easy to switch to a different one. If you have a valid reason for wanting to make a change, you’ll need to find another trustee willing to assist you. Then, a lawyer can help you request the switch through the Court. This involves a Court hearing where you, your lawyer, and the trustees will present their arguments, and the Court will decide whether to grant the request. It’s not a common procedure.

Well, bankruptcy lawyers are like experts for complicated legal stuff, especially in big business problems. They can also help you out if someone like a creditor or trustee says you can’t get rid of your debts. But, for most people, you don’t really need a lawyer for personal bankruptcies – a special money expert called a Licensed Insolvency Trustee usually takes care of it.

A bankruptcy lawyer is a special type of lawyer who knows a lot about bankruptcy law. If you’re looking for a “bankruptcy lawyer near me,” you might actually need an “insolvency trustee.” Insolvency trustees help with the bankruptcy process in Canada. So, they’re the experts to talk to when you’re dealing with bankruptcy.

What Do Bankruptcy Lawyers Do?

A bankruptcy lawyer (also known as an insolvency lawyer) will periodically provide legal advice to Licensed Insolvency Trustees and undischarged bankrupts on matters involving court actions and discharge hearings.  They also deal with complex matters pertaining to corporate insolvencies and disputes.  Typically, bankruptcy lawyers represent creditors in corporate matters and will advocate their client’s position in either negotiations or court proceedings.   The average individual will not require the services of an insolvency lawyer when filing a bankruptcy or a consumer proposal. 

While these words might sound similar, they’re not the same. Insolvency is about your money situation, like if you owe more than $1,000 and can’t pay your debts on time. On the other hand, bankruptcy is a legal process. If you’re insolvent, you can decide to either go through bankruptcy or choose a consumer proposal to handle your debts. So, they’re related but not quite the same thing.

Bankruptcy and insolvency may seem similar, but they’re different. Insolvency talks about your money situation, while bankruptcy is a legal way to deal with your debts and get a fresh financial start.

Why We Have the Bankruptcy and Insolvency Act

The Bankruptcy and Insolvency Act (BIA) in Canada sets up the rules for bankruptcy and insolvency. Here’s what it does:

  1. It lets people who are honestly struggling with debt start fresh by following some fair rules.
  2. It helps fairly share a bankrupt person’s stuff with their unsecured creditors (the people they owe money to), so everyone gets a fair deal.
  3. It allows for investigations into the money matters of someone going bankrupt.
  4. It stops any tricky moves like giving away stuff or trying to cheat creditors.

The BIA sets all the basic rules for bankruptcy and insolvency, and it’s overseen by the Office of the Superintendent of Bankruptcy, a government office that makes sure everything goes fairly and smoothly.

Insolvency and bankruptcy are related but have distinct meanings. Insolvency refers to your financial condition, while bankruptcy is a legal process defined by the Bankruptcy and Insolvency Act. Here’s the breakdown in simpler terms:

  1. Insolvency: This is when you can’t pay your debts in full, and you owe at least $1,000. It means your finances are in trouble.
  2. Bankruptcy: It’s a legal procedure guided by the Bankruptcy and Insolvency Act. When you’re insolvent, you can choose to file for bankruptcy or a consumer proposal to address your debts. This is the formal process to help you deal with your financial problems.

A Stay of Proceedings is like a legal shield you get when you file for bankruptcy or a consumer proposal. It automatically stops unsecured creditors from taking you to court or trying to get your money. This also means they can’t take a chunk of your paycheck.

But, keep in mind that secured creditors, the ones you owe because you put up some stuff as collateral, can still take those things if you don’t stick to your payment plan.

The Bankruptcy and Insolvency Act (BIA) is a set of national rules and laws in Canada. It deals with bankruptcies and proposals. These rules apply to anyone going through bankruptcy or making a proposal in Canada. The BIA helps people who are struggling with debt get a chance to start fresh with their finances. It also explains the responsibilities and rights of everyone involved, like the people who owe money, the people they owe money to, the people who help with the process, and the people in charge.

The Reasons for Debt Consolidation are Simple:

  1. Simplify your life and reduce stress.
  2. Save on interest charges.
  3. Pay off your debt as soon as possible.

If you’re confused about the terms “credit consolidation” and “debt consolidation,” don’t worry. Most of the time, they mean the same thing and can be used interchangeably.

Understanding Secured vs. Unsecured Debt Consolidation Loans:

  • Secured loans often have lower interest rates. These loans require you to use an asset (like your home) as collateral. If you can’t repay the loan, the lender can sell the asset to cover the debt. Examples include collateral mortgages and home equity lines of credit (HELOCs).
  • Unsecured loans, on the other hand, don’t require collateral. Personal loans or unsecured lines of credit (LOC) fall into this category. Since there’s no collateral, unsecured debt consolidation loans in Canada typically have higher interest rates.

Debt Relief Options Beyond Credit Consolidation:

Debt consolidation loans aren’t your only way out. Consider your unique financial situation when deciding:

  • If lowering your interest rate can help you repay your debt more easily, consolidation may be a good choice.
  • But if repaying your debt, even with lower interest, still feels difficult, explore other paths to become debt-free.
  • A poor credit score can make it tough to get a consolidation loan with a low interest rate, especially for unsecured loans with higher rates.
  • While consolidation simplifies payments, it doesn’t reduce your overall debt. If you’re not saving on interest, paying off your debts remains challenging.
  • If this sounds like your situation, look into secured loans or alternative financial debt help options. There are usually more options available than you might think, as every financial situation is unique.

Your journey to financial freedom is personal, and your solution should be too.

Debt consolidation is like combining all your debts into one to make it easier to manage. Here’s how it works in six easy steps:

  1. Check Your Budget: First, make sure you can afford the new monthly payments on the consolidation loan. You don’t want to make your financial situation worse. If you can’t afford the payments or if the loan costs more than your current debt, it might not be the right choice.
  2. Apply for the Loan: Fill out the application with the lender. But be careful because too many applications can hurt your credit score. Only apply with lenders you’re serious about.
  3. Pay Off Your Debts: If you get approved for the consolidation loan, use the money to pay off all your existing debts. Close the old accounts to resist the temptation of using them again. If you don’t qualify for the loan, consider talking to a Licensed Insolvency Trustee.
  4. Make Timely Payments: Pay your new loan on time and try to pay it off as quickly as possible. This reduces the interest you’ll have to pay.
  5. Set Up Automatic Payments: Consider setting up automatic payments from your bank account. It helps improve your credit score. But be careful, paying off the loan too early might have penalties.
  6. Choose Wisely: Before consolidating your debt, compare terms from different providers. Look for loans with low interest and minimal fees.

When your consolidation loan is fully paid, get written confirmation from the lender. Also, check your credit reports to make sure they accurately show your loan status. Consider closing the old accounts to prevent fraud.

Dealing with lots of debt can be tough. High-interest rates can make your monthly payments a real burden. Even if you’re making payments, it takes forever to pay off your debt, and you’ll spend a lot on interest. These charges can make your monthly bills even higher.

So, here’s the deal: Debt consolidation services can help. They offer you a new loan to pay off your existing debts. If you have various high-interest debts and you get a new loan with a lower interest rate, you’ll save money on interest. This means smaller monthly payments and a faster way to clear your debt.

If this idea appeals to you, finding the right debt consolidation loan is key. Speaking to a debt consolidation service, like your local bank, can help you figure out what you need.

Remember, there are many options out there, and the best debt consolidation plan is the one that fits your unique financial situation.

Debt consolidation mortgage programs can be a helpful solution, but there are some important things to understand. Mortgage brokers can assist you in finding the best mortgage rate and terms.

Here’s how it works:

  1. Complete the lender’s loan application carefully. Too many credit inquiries can lower your credit score, so only apply with lenders you’re genuinely interested in.
  2. If you qualify for the mortgage consolidation loan, use the loan to pay off your existing debts in full. The bank may pay them directly or instruct you to do so. To avoid running up balances again, think about closing the old accounts.
  3. Make your loan payments on time and try to pay off the consolidation loan as quickly as possible. This helps you save money on interest charges.
  4. Consider setting up automatic payments from your bank account to improve your credit score. Keep in mind that paying off the loan early could save on interest but may involve pre-payment penalties, depending on the loan terms.
  5. Compare Different Debt Consolidation Providers: Look at the terms of various providers and loans. Find the one with the lowest interest rates and fewest fees.
  6. After paying off the consolidation loan, ask the lender for written confirmation and check your credit reports to ensure they reflect the loan’s status accurately. Consider closing the account to prevent credit fraud.

By following these steps, you can make the most of a debt consolidation mortgage program.

A Consumer Proposal is a legal way to deal with your debts. You work with a special debt expert called a Licensed Insolvency Trustee. They help you make a deal with the people you owe money to. You’ll offer to pay back a part of what you owe in small payments over some time. Once you finish these payments, your remaining debts are forgiven. The Trustee figures out a fair offer for your creditors, and they get to vote on it. If most of them agree, everyone has to follow the deal. If you want to know more about how it works, talk to the Trustee.

Bankruptcy is a legal process where you work with an expert to get rid of most, if not all, your debts and start fresh without the burden of debt. It’s not meant to punish you; it’s designed to help you get back on your feet financially. If you want to learn more about bankruptcy, check out our Bankruptcy section and have a chat with an expert. You can even get a free consultation with a Trustee by scheduling a debt relief meeting using the form below.

A Debt Management Plan, offered by credit counseling agencies, is a way to make repaying your debts easier. Here’s how it works in simple terms:

  1. Simplifying Your Payments: Many people find it hard to keep track of multiple debts, leading to missed payments, credit damage, and extra charges. With a Debt Management Plan, a counselor steps in to simplify things.
  2. Consolidated Payments: Your counselor talks to your creditors and tries to consolidate your debts into a single payment. This makes it easier to remember when and how much to pay each month.
  3. Lower Interest and Extended Time: Sometimes, they can negotiate lower interest rates with your creditors, which means you pay less each month and save money in the long run. They might also ask for more time to repay your debts, making each payment smaller.
  4. Paying 100% of Debt: It’s important to note that, in most cases, you’ll still need to pay 100% of your debt. The goal is to make your payments more affordable, not reduce what you owe.

Here’s how it works:

  • You and your counselor work on a budget to determine how much you can pay monthly.
  • Your counselor contacts your creditors to explain the plan.
  • If your creditors agree, you make regular payments to the credit counseling service.
  • They use these payments to pay off your creditors.

Before starting a Debt Management Plan, make sure it makes financial sense for you. While it can save you money through lower interest, consider any fees charged by the counseling agency. Ensure the savings from the plan outweigh the fees.

In a nutshell, a Debt Management Plan is about simplifying your debt payments, making them more manageable, and potentially saving you money in the process.

Are you worried about your debt, wondering if it’s getting out of hand? Many people have some level of debt, like a mortgage, car loan, or credit line. But when does it become a problem?

There’s no one-size-fits-all answer, but here are some signs that your debt might be too much:

  1. You rely on credit cards or lines of credit to cover monthly expenses.
  2. You can only make minimum payments on your debts.
  3. Creditors are calling you about your overdue payments.
  4. You’ve missed payments on your debts.
  5. You’re not sure how much you owe in total.
  6. You often use overdraft protection for your bank account.
  7. You feel stressed or anxious about your debt.
  8. You keep your debt and spending a secret from friends and family.

These signs can vary from person to person, but if you notice a few of them in your situation, it’s a good idea to consider debt management to help you get back on track.

.

About Mustafa – Your Expert Debt Advisor

A Man in Blue Suit Reading a Document

Meet Mustafa, your trusted debt advisor based in Ontario, Canada. With a passion for helping individuals regain their financial freedom, Mustafa is dedicated to guiding you through your debt-related challenges.

Mustafa brings a wealth of experience and knowledge to the table. He understands that every financial situation is unique and believes in personalized solutions that cater to your specific needs. You can count on his expertise to provide sound advice and effective strategies for managing your debt.

As a compassionate professional, Mustafa is committed to alleviating your financial stress. He’s here to answer your questions, address your concerns, and work with you on a path to financial recovery.

Whether you’re considering a consumer proposal, need assistance with debt consolidation, or simply want to explore your options, Mustafa is your go-to expert in Ontario. Trust in his guidance to make informed decisions and take steps towards a brighter, debt-free future.

Reach out to Mustafa today and start your journey toward financial stability. Your peace of mind is his priority.

Sign Up For A FREE Consultation With Mustafa

Your Expert Debt Advisor

Join Thousands of Debt-Free Individuals – Find Out if you’re eligible, & how much of your debt can be reduced

© Copyright 2023 EEZZEECO. All Rights Reserved. 

Support | Terms & Conditions | Privacy Policy | Disclaimeer

At EEZZEECO, we’re dedicated to helping individuals regain control of their financial well-being. Led by Mustafa Ezzy, our expert debt advisor, we specialize in providing effective debt management solutions, including consumer proposals, tailored to your unique needs. Our mission is to guide you toward a debt-free future, providing the support and expertise required to ease financial burdens. Your financial well-being is our top priority.