Consumer Proposal In Montreal, An Alternative To Bankruptcy

The Ideal Alternative To Bankruptcy

A Consumer Proposal is significantly less complicated than a bankruptcy, making it easier to manage and complete. Once your proposal is submitted to your creditors they have 45 days to agree to the terms and conditions. The creditors can choose to accept or decline and ask for a meeting of creditors. Groupe Serpone will amend your initial proposal if the creditors do not agree to your terms.

Benefits of a Consumer Proposal

A consumer proposal, if possible, is the preferred method of action. Our experts will assess your financial situation in-depth and suggest the most cost-efficient and appropriate action to take. Groupe Serpone has helped clients achieve financial freedom through the proposal process. Here are the main benefits of filing a consumer proposal:

  1. Creditor Protection: Once your proposal is filed with your creditors, your assets cannot be seized.
  2. Assets: The most obvious rationalization for filing a proposal by Canadians relates specifically to assets. You get to keep all your assets, in particular, your home.
  3. Manageable Payments: A consumer proposal is tailored to you. There are no set standards that will dictate how much you pay.
  4. Avoids Bankruptcy: Avoiding bankruptcy is critical for some people. For example, if you have a business, filing a proposal means that your business can continue operations.
  5. Cost: The only payments are those made by you to your Licenced Insolvency Trustee who sorts out the entire process, including making payments to your creditors to repay your debt.
  6. Instant Financial Improvement: The moment a proposal is approved by your creditors you are on your way to a healthier and more stable financial future. If you get a new job, make more money, sell an asset, get a bonus or tax refund, then that revenue is yours to keep.
  7. Credit Rating: People are often concerned about their credit rating with a consumer proposal vs bankruptcy. The reporting agencies will treat them differently, a proposal is an R7 and bankruptcy an R9. A consumer proposal will stay on your credit file for 3 years after receiving your certificate of completion, whereas a personal bankruptcy will remain for 6 years after receiving your certificate of discharge. Credit repair will take effort and time.


  • You are insolvent, unable to pay your debts.
  • You have $1000.00 to $250000.00 of unsecured debt (excluding mortgage debt).
  • You have the ability to repay a portion of your debt.
  • Your creditors agree to your proposal.

For more information, contact us today!