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We offer debt consolidation in Vancouver, BC, so you can avoid bankruptcy! As an alternative to bankruptcy, you may be able to solve your financial crisis informally through one of the following options:

Informal Proposal

Contact your creditors and negotiate an arrangement to pay your debts over a period of time based on your ability to pay. Keep in mind the difficulty in obtaining a binding agreement from 100% of your creditors, and that this process constitutes an act of bankruptcy.

Consumer Proposal

Some of the key elements of a consumer proposal if filed in one of our offices—whether Vancouver, Victoria, Vernon, Surrey or Prince George, BC—include the following:

  • A successful proposal is a binding contract between you and all of your unsecured creditors.
  • The proposal must be administered by a licensed Trustee or other designated administrator of the Superintendent of Bankruptcy.
  • The terms of a proposal are limited only by the imagination of you and your Trustee, so long as the return to your creditors exceeds that amount which your creditors would receive from you in a bankruptcy.
  • Upon the filing of a consumer proposal in Vancouver, all actions by any of your unsecured creditors are stayed, pending the outcome of the proposal.
  • Upon successful completion of the terms of your Vancouver consumer proposal, you will be discharged from your debts that were included in the proposal.

Click here to submit a Consumer Proposal questionnaire. If you experience difficulty, please call 604-689-4255 or contact us.

While a consumer proposal is a great means of debt consolidation in Vancouver, it isn't always the right option for everyone. For your convenience, we have compiled some information to help you determine if a consumer proposal in Prince George is the best option for you. As always, Grant Thornton Limited is available to answer any questions and help you get the process started.

If you answer yes to any of the following questions, a consumer proposal in Vernon may just be the right option for you.

  • Are you unable to repay all that you owe?
  • Do you have a stable income?
  • Should you file for bankruptcy, do you have valuable assets which may be lost?
  • Do you have enough money in your budget to make a reliable monthly payment?

If you answered yes to the previous questions, please contact us today or visit one of our locations in Vancouver, Surrey, Vernon, Prince George or Victoria to learn more about consumer proposals. Our professionals will be glad to help you determine your best options and get you started on the process. This is an especially great option if you are unable to qualify for a debt consolidation loan or have debts which cannot be included in a debt management plan.

If you are considering a consumer proposal in any of the areas covered by our offices throughout BC, keep in mind the inherent risks. Missed payments, collapsed proposals and rejections from creditors could all necessitate that you file for bankruptcy in Vancouver. For this reason, it is in your best interests to hire an experienced professional who can see you through every step of the process. If you feel that a consumer proposal may be right for you, be sure to contact Grant Thornton Limited today!

Bankruptcy vs. Consumer Proposals in Vancouver

Depending on your income and household size, a consumer proposal may be more practical for you. In order to determine whether personal bankruptcy in Victoria or a consumer proposal in Vernon might be the best option for you, consider these factors:

  • Can you manage a monthly payment at minimum for 36 to 60 months and still maintain your usual living expenses without causing undue hardship?
  • Can you reasonably assume continued employment or earnings in order to maintain the payments for the duration of the proposal (up to a maximum of 5 years)?
  • Are you retired with a fixed income or nearing retirement, or looking at a potentially long-term health related leave of absence?
  • Do you have a high debt load versus relatively low monthly earnings?

After further consideration of your age, employment, and the size of your debts, a proposal may not be feasible and personal bankruptcy may be the right option. We offer free, confidential initial consultations, where we can help you to resolve any uncertainties about whether to pursue personal bankruptcy in Vernon or a consumer proposal.

Talk to a Consumer Proposal Administrator

In order to file your consumer proposal, you must go through a proposal administrator. Grant Thornton Limited employs a team of proposal administrators Vancouver can trust to help you understand the consumer proposal process.

Meeting with a licensed Trustee to discuss your financial situation will help you determine the best course of action to deal with your debt. For an assessment of your financial situation, please contact our trustees at one of our 5 locations in VancouverSurreyVernonPrince George or Victoria.

Download the questionnaire PDF.