A legal proceeding allows consumers to eliminate or reduce their debt by making a formal offer to their creditors. This is an alternative to filing for personal bankruptcy. There are key benefits associated with consumer proposals that separate it from other forms of debt elimination, including: A consumer proposal can only be filed by a Licensed Insolvency Trustee like Powell Associates Ltd. - Licensed Insolvency Trustee. You will only pay back what you can afford, and in many cases, your creditors will receive more than they would if you declared personal bankruptcy. Creditors lose their right to contact you or take further collection actions against you as long as you make your payments. Making criteria for a consumer proposal include: You have a regular source of income You cannot file for bankruptcy in the previous year or be subject to a current bankruptcy order. You have not previously filed a consumer proposal or previously been bankrupt.

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