Consumer Proposal in Etobicoke, Ontario

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Selecting the Right Debt Solutions Professional in Etobicoke, Ontario

Many Canadians deal with personal debt every day. Whether caused by credit cards, taxes, or loans, it can turn into a seemingly never-ending spiral of minimum payments, or you might even have problems making them at all. If you find yourself grappling with these financial burdens, Chande Debt Solutions offers professional assistance to alleviate your debt.

Our team of experienced Licensed Insolvency Trustees specializes in providing financial debt relief services in Etobicoke, regardless of the cause. We are committed to carefully evaluating your financial situation and offering suitable solutions.

We understand that considering options such as a consumer proposal or bankruptcy can be daunting, especially with concerns about their impact on your credit ratings. At Chande Debt Solutions, we prioritize ensuring you are fully informed about all available options before making any decisions to ensure we find the best solution for you. Our consultations for debt relief in Etobicoke are free of charge and come with no time constraints.



If you’re looking for an efficient solution to mounting debts, a consumer proposal can help you battle credit card debt, tax debt or personal loans. If you don’t qualify for a debt consolidation loan, your debt outvalues your assets, or you can’t repay all of your original debt, it might be the right solution for you.

A consumer proposal is a legally binding contract between you and your creditors that allows you to consolidate your debt and settle it for up to 80% less than you owe. The process begins with one of our Licensed Insolvency Trustees (LIT) reviewing your financial situation to determine the right solution for you. If they conclude that a consumer proposal is the best option, they will calculate a realistic monthly payment amount you can afford and submit the proposal to your creditors for approval. 

Once we receive the approval, the agreement becomes legally binding, and you will make the monthly payments. Once all conditions of the consumer proposal are fulfilled, the remaining debt is discharged (written off).

The most significant benefits of a consumer proposal are:

  • Discharge up to 80% of your debt
  • Stop all legal action, such as wage garnishments or frozen bank accounts
  • Stop all collection calls
  • Keep all assets, including tax refunds
  • No additional interest on any debt included in the proposal

Please note that only Licensed Insolvency Trustees (LIT) like Chande Debt Solutions are allowed to file consumer proposals.

Debt Consolidation vs. Consumer Proposal

One of the most common questions we get is about the difference between debt consolidation and consumer proposals. One of the most significant advantages of debt consolidation is that it has no negative impact on your credit score (as long as you continue to make payments on time) and that you do not need to deal with anybody but your own financial institution. However, a debt consolidation loan comes with some significant drawbacks.

Depending on your payment and credit history, you may not qualify for a consolidation loan. If you do, the interest rates could be very high due to missed payments in the past, which may mark you as a credit risk. Another drawback is that you can keep all credit cards and other sources with high interest rates. So, a debt consolidation loan will not fix the underlying issues unless you adjust your spending habits.

On the other hand, while a consumer proposal will affect your credit score and you can only cover unsecured debts (i.e. credit card debt, personal loans, tax debt or, depending on their age, student loans), its benefits are significant. You can discharge up to 80% of your debt owed. Once the proposal is filed, all legal action and collection calls and any additional interest on the debt included in the proposal will be immediately stopped.

Personal Bankruptcy

In most cases, personal bankruptcy is considered the radical last resort when all other options are exhausted. Unfortunately, sometimes there is no other alternative available. While it is a quick and cheap solution to your debt problems, it also severely impacts your credit score, and you will lose any non-exempt assets.



A debt relief solution should not just repackage your debt but give you relief and help you address the underlying issues that led to the situation in the first place. So whether you are burdened by credit card or tax debt or are facing monthly payments on a personal or student loan you can’t afford, there is a debt solution for you. We will thoroughly review your financial situation and help you explore all available options to find the best solution.

The experienced Licensed Insolvency Trustees of Chande Debt Solutions are focused on finding the right solution for you. We know that filing a consumer proposal or bankruptcy is a serious matter, and we want to ensure that you are well-informed and don’t rush into any solutions. All of our consultations are free, without time limits.

Ask us about bankruptcy options

See What Your Debt Repayments Might Look Like

Our debt calculator provides a comparison of what your monthly debt repayment might look like under different debt relief options including a debt consolidation loan, debt management plan and consumer proposal



Serving Etobicoke and Nearby Areas

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