CONSUMER PROPOSAL
Consumer proposals are legal abiding debt settlement agreements, which are filed with a certified bankruptcy trustee, to pay back a creditor a certain proportion of what you owe in interchange for complete debt forgiveness.
Payment of proposals are interest-free and could be spread out over a maximum of five years. To this effect, this can lead to about 70% to 80% of savings.
Your terms of payment depend on the negotiation between what you can afford to pay and what your creditor expects to get. Acting as an administrator for consumer proposals, your certified bankruptcy trustee will meet with you to help determine how much you have to offer and to evaluate your financial condition. <Read More>


Bankruptcy
As an honest but unfortunate debtor, you may choose to use the legal process of bankruptcy, regulated by the Act, to obtain a discharge from your debts (subject to reasonable conditions). Declaring bankruptcy means that your secured creditors cannot take legal steps to recover what you owe them, such as seizing your property or garnisheeing your wages.
If you owe more than $1,000 and have carefully reviewed all your options, declaring bankruptcy may be the right choice to make.
If you’re involved in a close financial relationship, it is possible to file a joint assignment that will be dealt with as one file. Your debts must be substantially the same, and the trustee must believe it is in the best interest of all parties. <Read More>
Credit Counselling
If you have filed a Division 1 or Consumer Proposal or declared Bankruptcy, you are required by the Bankruptcy and Insolvency Act to attend two Credit Counselling sessions. Look at these sessions as an opportunity to learn the tools to help you manage your finances in the future.
The Credit Counselling that will best help you is not going to be the same as the counselling that’s best for someone else. Your needs are different, your learning style is different, and no two stories are the same. That’s why, at GTA Credit Solutions, we tailor our sessions to your needs. Our counsellors are serious about helping you build a better life. <Read More>

Dealing With A Frozen Bank Account
The option of freezing a bank account is a choice at hand for creditors in order for them to get the outstanding debt when payments are delayed. A...
A Look At Creditor Protection & The Difference Between Consumer Proposal Compared To Debt Management
A call regarding collections, the garnishment of your wages or legal lawsuits is what forces people to contact us here at GTA Credit Solutions for...
See Where You Are Spending Your Money
With any app nowadays you can track your spending no matter where you are. If you don’t like that and like to keep things a bit old fashioned, a pad...
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What should you do now?
Contact us, Faster than you think, you could ...
- Be making one small monthly payment for all your debts
- Be free of threatening phone calls
- Be on the way to re-establishing your credit
- Reduce your debts
- Be free of wage garnishment
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