Consumer Proposals in Brantford, Ontario

Consumer Proposals in Brantford, Ontario

A consumer proposal is a legally binding agreement between you and your creditors, administered by a Licensed Insolvency Trustee (LIT). It allows Brantford residents to negotiate repaying a portion of unsecured debt — typically 30% to 50% — over a period of up to five years.

How Consumer Proposals Work in Ontario

When you file a consumer proposal in Brantford, Ontario, your LIT prepares a formal offer to creditors. Once filed, a stay of proceedings takes effect immediately under the Bankruptcy and Insolvency Act (BIA), stopping all collection calls, wage garnishments, and legal actions from unsecured creditors. Creditors then have 45 days to vote on the proposal — acceptance requires a simple majority by dollar value of proven claims.

In Ontario, your LIT will consider your income, assets, and provincial exemptions when structuring the proposal. Ontario exemptions are set by the Execution Act and updated periodically. The goal is an amount creditors will accept while remaining affordable for you.

Ontario Asset Protections

Under a consumer proposal, you keep all your assets — unlike bankruptcy. However, understanding Ontario's exemption framework matters because it affects how much creditors expect in a proposal. In Ontario, home equity is protected up to $10,783, vehicles up to $7,117, and household goods up to $14,180.

Finding Help in Brantford

There are 1 verified providers serving Brantford. Initial consultations with Licensed Insolvency Trustees are free and confidential. A qualified LIT in Brantford, Ontario will assess your full financial picture and explain whether a consumer proposal, consolidation, or another option makes the most sense for your situation.