Affordable Debt Repayment, Legally Protected
A Fresh Start Without Bankruptcy – Get Relief from Debt in Vancouver
Are you overwhelmed by debt and unsure how to resolve it? You're not alone—and you’re not out of options. At Crowe MacKay & Company, we understand how stressful it can be when creditors are calling, bills keep piling up, and it feels like there's no way out.
But there is a path forward—and for many people in Vancouver, that is by filing a consumer proposal.
What Is a Consumer Proposal?
A consumer proposal is a legally binding agreement between you and your creditors, negotiated and filed by a Licensed Insolvency Trustee. It allows you to settle your unsecured debts by paying only a portion of what you owe—often reduced by up to 80% - with no interest and no more collection calls.
If you live in Vancouver or anywhere in BC and feel trapped by debt, a consumer proposal can give you the breathing room you need without giving up your assets.
Why Consider a Consumer Proposal in Vancouver?
Keep Your Assets
Unlike bankruptcy, a consumer proposal allows you to keep your home, vehicle, savings, and other possessions.
Stop Collection Calls
Once your proposal is filed, your creditors must stop all collection action—including calls, wage garnishments, and legal proceedings.
Reduce Your Debt
Most consumer proposals offer repayment of only 20% to 80% of your total unsecured debt.
Lower Monthly Payments
Your payments are based on what you can afford—not what you owe. And there's no interest charges added.
Avoid Bankruptcy
A consumer proposal offers a less drastic solution than bankruptcy, giving you strong legal protection and a path to recovery.
Am I Eligible for a Consumer Proposal in BC?
To file a consumer proposal in Vancouver or anywhere in British Columbia, you must:
- Owe less than $250,000 in unsecured debt (not including your mortgage)
- Be insolvent, meaning you're unable to pay your debts as they come due.
- Have a stable income to make regular monthly payments.
- Not currently in another active or failed proposal
If this sounds like your situation, you may qualify. Even if you're unsure, we invite you to book a free consultation—we’ll walk through your options without pressure or judgment.
How Does the Consumer Proposal Process Work?
Free Consultation
You’ll meet (confidentially) with one of our Licensed Bankruptcy Trustees. We’ll listen to your story, review your financial situation, and explain all your options.
What Debts Are Included in a Consumer Proposal?
Consumer proposals are designed to tackle unsecured debts. These typically include:
- Credit cards
- Personal loans
- Payday loans
- Lines of credit
- Tax debt (CRA)
- ICBC debt
- Overdue utility bills
- Medical bills
- Student loans (if more than seven years since last attending school)
Secured debts (like your mortgage or car loan) are not included, but you can continue making payments on them as usual.
What Happens to My Mortgage or Credit Score?
Mortgage:
If your mortgage is in good standing, filing a consumer proposal won’t affect it. You can still renew or renegotiate your mortgage with your current lender, though switching lenders may be more difficult during the proposal term.
Credit Score:
Your credit rating will be marked as an R7, indicating you’ve made a formal repayment arrangement. This note stays on your credit report for 3 years after you complete the proposal or 6 years from the filing date, whichever comes first.
How Long Does It Take to Get Approved?
Once filed, creditors have 45 days to review and vote on your proposal. If accepted, there’s a 15-day period where the OSB or any party can request court review—but if no objections arise, your proposal is automatically approved.
In most cases, approval takes around 60 days in total.
Serving the Greater Vancouver Area
Additional FAQ's
How Much Does a Consumer Proposal Cost in Vancouver?
A consumer proposal doesn’t require any upfront payment. Instead, the cost is included in the monthly amount you agree to pay your creditors. This amount is based on what you can reasonably afford, and your Licensed Insolvency Trustee’s fees are taken from those payments—you don’t pay anything extra. Most people end up repaying only 20% to 70% of their total debt, with no added interest or hidden fees.
How Much Debt Do You Need for a Consumer Proposal?
To qualify for a consumer proposal in Canada, including Vancouver, you must owe at least $1,000 in unsecured debt and no more than $250,000, not including your mortgage on a primary residence..
What Is the Downside of a Consumer Proposal?
While consumer proposals have many benefits, there are some downsides to be aware of:
- Affects your credit (R7 rating stays up to 6 years)
- You must stick to payments — missing 3 may cancel the proposal
- Secured debts aren't included (like mortgages or car loans)
- You must surrender all credit cards
- Some debts are excluded, like recent student loans and family support payments
- Takes a minimum of 60 days for full approval
- Requires a stable income to make consistent payments or a lump-sum payment from a 3rd party
However, it’s still a less severe alternative to bankruptcy.
Would You Like to File a Consumer Proposal?
If you'd like to file a consumer proposal in Vancouver, call (604) 689 3928, email [email protected], or fill in the form below.
Book a Free Consultation
Our licensed experts are here to answer all your questions about bankruptcy and consumer proposals. Whether you're an individual or a business, we’ll help you understand your options and guide you through every step of the process with care and confidence.