97 - Can You Cancel a Consumer Proposal?

If you are overwhelmed with credit card debt, student loans, tax debt, payday loans or any other unsecured liabilities filing a Consumer Proposal may be your best option. A Consumer Proposal is a debt settlement solution where an offer is made to your unsecured creditors to settle your debts. When the terms are agreed upon, you will then make affordable monthly payments with no interest for up to 5 years. A proposal is based on your financial circumstances at the time of filing. But what happens if your circumstances change or you simply change your mind? Can you cancel or withdraw? 

These are questions answered by Matthew Fader, a Licensed Insolvency Trustee at Allan Marshall & Associates. Along with cancellation information, Matthew also discusses:

Why a Consumer Proposal in a good alternative to BankruptcyHow long creditors have to approve a proposalThe importance of being properly informed before you fileWithdrawing a Consumer Proposal before 60 daysWhat happens when there is joint debtConsequences of defaulting payments for 3 monthsFiling for Bankruptcy while in a Consumer Proposal

Licensed Insolvency Trustees can help you make the best decision about how to get your finances back on track. They are considered some of the best debt professionals in the country and the only ones licensed by the federal government of Canada. 

About Matthew Fader

Licensed Insolvency Trustee Matthew Fader has worked in the insolvency field since 2005 and joined Allan Marshall and Associates in 2017. His positive outlook helps reassure his clients with any financial insecurities they may have. Matt’s goal is to ensure that everyone has the best possible experience and is treated with respect. 

Additional Resources Allan Marshall & Associates Licensed Insolvency TrusteeConsumer Proposals in CanadaWhat Is a Consumer Proposal?