To file a consumer proposal in Ontario, you must work with a Licensed Insolvency Trustee. The process starts with a phone call to discuss your debts and financial situation. If a consumer proposal is right for you, your trustee prepares the paperwork, files it with the government, and notifies your creditors.

Here’s how the process works:

• Call our office: Tell us about your debts and what you’re going through.
• Review your finances: We’ll look at your income, expenses, assets, and debts to see if you qualify.
• Work out a payment plan: Your trustee helps you decide how much you can afford to repay.
• File your consumer proposal: Your trustee prepares and files the paperwork and notifies your creditors.
• Deal with your creditors: Your creditors have an opportunity to review and respond to your proposal.

For over 30 years, Yanch Dey & Associates has helped people across Ontario reduce their debts and get their finances back on track. Our Licensed Insolvency Trustees will explain your options, answer your questions, and guide you through the process.

Thinking about filing a consumer proposal? Call us at 905-721-7506. Let’s start with a conversation about your options.

Filing a consumer proposal in Ontario is easier than most people think.

When you know the steps, this formal debt settlement feels clear and manageable. Below is a simple guide that shows what happens, who is involved, and how our trustees can protect you from creditors while you geting you financially back on track.

Filing a consumer proposal starts with a free, private meeting with one of our Licensed Insolvency Trustees (LITs).

The goal of the meeting is to sit down with you and discuss your finances and explain how we can help you. During this meeting, we’ll explain:

• Who qualifies: Whether you qualify for a consumer proposal.
• Which debts are included: What debts you can include in your proposal.
• Advantages and disadvantages: The benefits and possible drawbacks of filing.
• Your monthly payments: How much you may be able to reduce your debts and what you could afford to pay each month.
• Protection from creditors: How filing a consumer proposal can stop collection calls, interest on included unsecured debts, and most wage garnishments.

Our goal is to answer your questions, explain your options, and help you decide whether a consumer proposal is the right way to get your finances back on track.

There’s no pressure to make a decision. We’re here to help you understand your options.

The next step in filing a consumer proposal is deciding how much you can realistically afford to pay each month. Your Licensed Insolvency Trustee will review your finances and help you work out a payment that fits your budget.

Together, we’ll look at:

• Your income: How much money you bring home each month.
• Housing costs: Your rent or mortgage payments.
• Living expenses: Groceries, utilities, transportation, and other household bills.
• Family expenses: Childcare, medical costs, and other necessary expenses.
• Your debts: How much you owe and what you can reasonably afford to repay.

Using this information, your trustee will help you determine a monthly payment that is affordable for you and acceptable to your creditors.

With a consumer proposal, you can generally keep your home, car, RRSPs, and personal belongings, provided you continue meeting any secured loan obligations. Instead of juggling several unsecured debt payments, you’ll make one agreed payment toward your proposal.

Our goal is to help you reduce your debts while leaving enough money each month to cover your everyday living expenses.

Once you’ve agreed on an affordable payment plan, your Licensed Insolvency Trustee prepares and files your consumer proposal with the Office of the Superintendent of Bankruptcy. The paperwork explains how much you’re offering to repay your creditors and over what period.

Once your consumer proposal is filed, a legal stay of proceedings takes effect. This provides immediate protection from most collection actions involving unsecured debts included in your proposal.

In most cases, affected creditors must stop:

• Collection calls and letters: Contacting you to demand payment.
• Interest charges: Adding further interest to debts covered by your proposal.
• Wage garnishments: Taking money directly from your paycheque.
• Legal action: Starting or continuing lawsuits and other collection proceedings to recover covered debts.

After filing, your trustee handles communications with your creditors, including the creditor approval process.

You can focus on getting your finances back on track while we deal with your creditors.

★★★★★ When I lost my job we had to use our credit cards. On the advice of a friend I called YanchDey. They got me on a Consumer Proposal, we saved over 22 thousand dollars, we’re very grateful. The plan we did will make us completely debt free in 4 years. Rocco Scipanos

Once your consumer proposal is filed, your creditors have 45 days to review it and decide whether to request a meeting to vote on your offer.

During this period, creditors may:

• Accept your proposal: Allow it to proceed without requesting a meeting.
• Ask questions: Request more information about your finances or proposed payments.
• Request changes: Ask whether you’re willing to increase your payments or adjust the terms.
• Request a creditors’ meeting: If the required threshold is met, a meeting is held to vote on your proposal.

In many cases, creditors accept a consumer proposal because they may recover more money than they would through bankruptcy.

If creditors don’t request a meeting within the required period, your proposal is generally considered accepted.

Our Licensed Insolvency Trustees handle communications with your creditors, answer their questions, and keep you informed throughout the approval process.

Once your consumer proposal is filed, you’ll begin making your agreed payments directly to your Licensed Insolvency Trustee, rather than paying each unsecured creditor separately.

Here’s what you can expect:

• One affordable payment: You make regular payments to your trustee, who distributes the money to your creditors.
• Up to five years to repay: Your consumer proposal can last up to 60 months, depending on the terms of your agreement.
• No additional interest: Interest does not continue to accumulate on the unsecured debts covered by your proposal while it remains in good standing.
• Predictable payments: Your agreed payment amount normally stays the same, making it easier to manage your monthly budget.
• Pay it off early: You can make extra payments or pay off your consumer proposal early without a prepayment penalty.

Your trustee will explain when your payments begin, how to make them, and what happens if your financial situation changes.

The goal is simple: one manageable payment that helps you reduce your debts and work toward becoming debt-free.

As part of the consumer proposal process, you’ll complete two required financial counselling sessions with a qualified counsellor usually the insolvency trustee. These sessions are designed to help you manage your money and build better financial habits.

During your sessions, you’ll learn about:

• Budgeting: How to manage your income and everyday expenses.
• Using credit wisely: Understanding credit and avoiding unnecessary debt.
• Managing your money: Planning for bills, savings, and unexpected expenses.
• Planning for the future: Building financial habits that help you stay out of debt.

These sessions are not tests, and there’s no need to feel embarrassed about your financial situation. They’re an opportunity to ask questions, get practical advice, and learn how to manage your finances with greater confidence.

Our goal is not just to help you reduce your debts, but to help you build a stronger financial future.

★★★★★ As interest rates rose so did our mortgage and bills.  We were slowly sinking more and more into debt.  When it hit 30,000 we had to do something. YanchDey were local so I gave them a call.  Best thing I did in years.  Our debt was slashed down to 7k with a monthly payment of $120/month! Thank You YanchDey. Mike Paczek, Pickering

Once you’ve made your final payment and completed both required financial counselling sessions, your Licensed Insolvency Trustee will issue a Certificate of Full Performance. This confirms that you’ve successfully completed your consumer proposal.

Here’s what happens next:

• Your debts are legally settled: You’re released from the unsecured debts covered by your proposal, subject to certain legal exceptions.
• You receive your certificate: Your trustee provides official confirmation that you’ve fulfilled your consumer proposal obligations.
• Your credit report is updated: Your proposal will be reported as completed, although it may remain on your credit report for a period of time.
• You can rebuild your credit: You can focus on improving your credit history, managing your finances, and planning for the future.

Completing a consumer proposal is an important financial milestone. You’ve followed through on your payment plan and taken meaningful steps toward resolving your debts.

At Yanch Dey & Associates, our goal is to help you get out of debt and move forward with confidence.

Insolvency Trustee – Kelly Dey

If you’re feeling weighed down by money or debt issues, give me a call at 905-721-7506 and lets just have conversation.

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Pauline Vorvis

3 days ago

★★★★★ We had 23,000 in credit card debt that I was never going to pay off. My new loan is now $7,000 and pay $195 over three years. Thank you so much.

Randy Singh

7 days ago

★★★★★ My husband’s paycheck was garnisheed, we owed 36,000. The consumer proposal, stopped the garnishment, and reduced our debt to 10,000. So thankful we called.

Debbie Theriault

2 weeks ago

★★★★★ I needed to get out of debt. I still had student-loans after 10 years and was sick of borrowing money.  I thought I’d have to file for bankruptcy, but they explained how they could get me out of debt and save thousands. My life has changed, I can sleep and have control of my finances. With the consumer proposal I’m debt free, I even appreciated the debt counselling. No consumer credit and struggling with debt for me. God bless!

Christien Egistone

4 weeks ago

★★★★★ Thank you, I will have me out of debt in 3 years and save 15k, I’ll never have credit card debt like that again, I appreciate your help and will refer and recommend you to friends.

Danny Demers

1 month ago

★★★★★ I was very pleased the way they handled my creditors. I ended up paying a fraction of what I owed on my debt.

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