Both options protect you from legal actions by creditors. A consumer proposal is a formal agreement between you and your unsecured creditors, where you negotiate through a Licensed Insolvency Trustee to repay a portion of your debt based on your income, assets, and overall debt load. It offers a manageable way to reduce your debt burden while providing protection from creditor actions.

Bankruptcy is a legal process that eliminates most of your debts and puts an end to legal proceedings initiated by creditors. Certain assets may need to be settled with the Licensed Insolvency Trustee.

You can achieve debt relief while maintaining ownership of your assets once they are settled with the Trustee. Our experienced team can guide you through the intricacies of consumer proposals and bankruptcy, ensuring you understand the nuances and benefits of each option.

Let us help you choose the right path to regain financial stability and a fresh start.

Our dedicated staff will carefully assess your financial situation, including your debt, income, assets, and family circumstances, to determine the best course of action for you.

We understand that everyone's financial situation is unique, which is why our team of financial experts takes a personalized approach to help you achieve your financial goals.

In a consumer proposal, secured assets like your home and vehicle are not included.

In bankruptcy, most clients can keep their home, vehicle, RRSPs, and RESPs, although there may be exceptions depending on the circumstances. Please note that the equity will need to be settled with the Trustee for assets that are non-exempt.

Our team will be able to address your concerns regarding all of your assets, as every situation is different. We understand that dealing with financial difficulties can be challenging and complex, which is why we are here to help you navigate the process.

Whether you are considering a consumer proposal or bankruptcy, it's important to understand the implications on your assets.

Filing a consumer proposal or bankruptcy does not release co-signers from their responsibilities. They will continue to be liable for the debt they guaranteed or co-signed. It's important to carefully consider the implications of co-signing a loan or debt before agreeing to do so.

If the primary borrower is unable to repay the debt and files for bankruptcy or a consumer proposal, co-signers will still be held responsible for the remaining balance. This can have a significant impact on their credit score and financial stability.

Co-signing should be approached with caution and only when the co-signer fully understands the potential risks involved.

When you file for bankruptcy or a consumer proposal, most unsecured debts are eliminated, but certain debts may still require payment, such as fines, court-ordered restitution, child support, and student loans less than seven years old.

It's important to consider your financial situation and consult with a professional, as filing for bankruptcy or a consumer proposal can impact your credit score and financial future. Additionally, secured debts are not typically eliminated, and co-signers may still be responsible for repayment.

Working with a Licensed Insolvency Trustee can help you make an informed decision about your financial future.

Yes. In both consumer proposals and bankruptcies, CRA debts related to personal income tax, HST, and source deductions will be discharged.

With over 25 years of experience in dealing with the CRA, our team is well-equipped to provide you with a helpful solution to eliminate the amounts owed. We understand the complexities of CRA debt and can guide you through the process, ensuring you regain control of your finances.

When you file a consumer proposal or bankruptcy, most legal proceedings by creditors will cease, offering you a much-needed respite.

However, it's important to note that criminal actions and certain civil matters, like child support, are not included in the scope of relief.

At Sheriff Sole & Madej Inc., our experienced Licensed Insolvency Trustees will carefully review all legal documents pertaining to your situation. We will guide you in making informed decisions to navigate the complexities of legal actions.