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You made me feel comfortable and offered your help at a time when I thought no one could. I am now in a great place in my life, thank you.

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You made me feel comfortable and offered your help at a time when I thought no one could. Thanks to filing a consumer proposal, I am now in a great place in my life, thank you.

- individual we've assisted

» Read success stories

 

Consumer proposal in Thunder Bay

A consumer proposal is a legal process which enables the Trustee to make an offer to your creditors to stop interest accumulation and pay them a percentage of what you owe — this can be up to 75% less than your total debt balance owing! A proposal allows you a fresh start without going bankrupt.

You can make a proposal (or file bankruptcy) if you:

  • are not presently in bankruptcy

  • owe at least $1,000

  • are not able to meet your regular payments as they become due; or

  • would not be able to pay all of your debts if all of the assets you are not allowed to keep are sold

Your company, partnership, or business may also file bankruptcy or a consumer proposal if it meets the above requirements.

However, any unsecured creditor to whom you owe more than $1,000 could try to force you into bankruptcy. In this case, the creditor must prove that you have committed an act of bankruptcy, such as not paying your bills as they came due. The court reviews the facts and, if the application is successful, issues a bankruptcy order which places you in bankruptcy by the creditor.

We will assist you every step of the way:

The steps to making a consumer proposal in Thunder Bay and throughout Ontario are:

  • The Trustee will help you prepare a Statement of Affairs which lists all of your assets, creditors, income, expenses and other pertinent information

  • our finances will be reviewed and the Trustee will assist you in preparing a proposal to your creditors

  • After you make your proposal, most creditors are no longer able to pursue you for collection of their accounts

  • You make your payments to the Trustee who will pay your creditors until the terms of your proposal have been met

  • You will be required to attend two financial counselling sessions

  • Once you have met the terms of your proposal, you will receive a document stating that you completed your proposal and you will have no further obligation for the debts covered in your proposal


Creditors are not required nor do they have any legal obligation to arrange alternative payment terms with you if you file a consumer proposal. Furthermore, the creditor can end special arrangements at any time with little or no notification. Also, this option may not stop collection agents from calling. A consumer proposal can solve this problem. Our Licensed Insolvency Trustees and Administrators are familiar with all aspects of Canadian bankruptcy law.

More details: Effects of filing a consumer proposal.

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Talk to us about your options:

If you are considering a consumer proposal in Thunder Bay or Northwestern Ontario, you should speak to one of our professionals at Grant Thornton at 310-8888 for a free, no obligation, confidential consultation.

979 Alloy Drive, 3rd Floor
Thunder Bay, Ontario   P7B 5Z8

T +1 807 345 6571
F +1 807 346 7304
TF 310 8888

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