Consumer Proposal in Markham, Ontario

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Selecting the Right Debt Solutions Professional in Markham, Ontario

Is credit card debt becoming an increasing burden? Are you struggling with personal loans? Do you have problems making even minimum payments? Chande Debt Solutions’ experienced licensed insolvency trustees can help you explore the many options available for debt relief in Markham. We are dedicated to helping you on your path to financial recovery.

Our focus is not on pushing a debt solution on you but on identifying the most suitable solution for your financial situation. We understand the impact of filing a consumer proposal or bankruptcy on your life and economic status, so our experts prioritize your ability to make well-informed decisions and don’t rush into any solutions without knowing all the benefits and drawbacks. Our debt relief consultations in Markham are free and without any time constraints.



Consumer Proposal

One of the most efficient debt relief options available is a consumer proposal. It is a legally binding contract with your creditors to address various unsecured debt issues, including credit card debt, tax debt, or personal loans.

Whether you can’t keep up with monthly payments, don’t qualify for a debt consolidation loan, or have a higher debt than your assets, a consumer proposal might be the right solution. Overseen by a Licensed Insolvency Trustee (LIT) and legislated by the federal government, a consumer proposal allows you to consolidate and settle your debt for less than you owe.

One of our LITs will begin the process by thoroughly assessing your financial situation to determine if a consumer proposal is the best solution. If this is the case, we will establish a realistic monthly payment you can afford. Your LIT will submit the proposal to creditors for approval. If they agree, it will become legally binding, and you will begin making monthly payments to your LIT. Once all proposal conditions are met, the remaining unsecured debt is discharged (written off).

Key benefits of a consumer proposal include:

  • Discharging up to 80% of your debt
  • Halting legal actions, such as wage garnishments or frozen bank accounts
  • Ending collection calls
  • Retaining all assets, including tax refunds
  • No additional interest on included debts

Note that only Licensed Insolvency Trustees (LIT), like Chande Debt Solutions, are authorized to file consumer proposals.

Debt Consolidation vs. Consumer Proposal

Debt consolidation is the first consideration for many Canadians seeking debt relief in Markham. As long as you continue making your payments on time, it does not negatively impact your credit score, and you don’t have to deal with a third party. However, it comes with significant drawbacks, such as often high interest rates and not addressing any underlying reasons for your financial issues, so you remain at risk for the same problems returning. 

On the other hand, a consumer proposal will negatively impact your credit score. Still, it offers significant benefits, including discharging up to 80% of your unsecured debt, stopping legal actions like wage garnishments and collection calls, and eliminating additional interest on included debts.

Personal Bankruptcy

Personal bankruptcy is typically viewed as a last resort when other options fail. Although it provides a swift and cost-effective way to clear debt, it significantly affects your credit score and may impact your assets. In some situations, bankruptcy may be the only viable option.



Chande Debt Solutions aims to bring genuine relief rather than merely repackage your debt. Whether you are struggling with personal or student loan payments or are burdened by credit card or tax debt, our LITs will thoroughly review your financial situation to help you explore all available options and determine the best solution for your circumstances.

The experienced Licensed Insolvency Trustees at Chande Debt Solutions are committed to finding the right solution for you. We understand the gravity of decisions like a consumer proposal or bankruptcy and prioritize ensuring your informed choices. All our consultations are free and without time constraints.

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 Markham and Nearby Areas

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