A recent report on Canadians’ confidence in their personal finances, found that roughly half were worried about how they will pay their next round of bills. And nearly one-third said they were finding it harder than ever before to pay down their debt. There are options available to you to get out of debt. A Consumer Proposal is one of Canada’s best debt relief programs that allows you to avoid Bankruptcy while providing the same creditor protection. 

In today’s podcast, Licensed Insolvency Trustee, Daniel Maksymchak, explains the ins and outs of filing a Consumer Proposal. 

He also discusses: 

• How a Consumer Proposal differs from Bankruptcy
• Why creditors would accept less than you owe
• Your responsibilities and what happens if you don’t fulfill them
• How filing affects your partner when to file a joint Consumer Proposal
• Benefits of the 2 mandatory counselling sessions
• What life is like after you have completed your proposal

If you are having financial difficulties and need advice about how to get out of debt, your first call should be to a Licensed Insolvency Trustee. They are licensed and regulated by the Canadian government and adhere to strict ethical guidelines. There is no charge for your first consultation. 

About Daniel Maksymchak

Daniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014. 

Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.

Additional Resources 

• LCTaylor Licensed Insolvency Trustee
• An Alternative to Bankruptcy: Consumer Proposal
• Five Reasons You Should Consider a Consumer Proposal