What Does a Consumer Proposal Cost? This animated video from Hoyes, Michalos explains how much a consumer proposal will cost to the debtor.The main advantage of a consumer proposal is that it is a win-win for the debtors and the creditors. With the help of a Licensed Insolvency Trustee, you can negotiate a consumer proposal that is less than what you owe but more than what your creditors would receive in a bankruptcy. Both sides benefit from the deal. In a bankruptcy, you would lose surplus income, possibly your home equity and possibly any other assets you own. A consumer proposal can last up to 5 years and consists of monthly payments. the debtor does not pay any extra trustee fees - these come out of the monthly consumer proposal payments. Hoyes Michalos and Associates are Licensed Insolvency Trustees that can help you review your debt options and file a consumer proposal, if this is the right solution for you.

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