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Consumer Proposal

A consumer proposal is an offer made by a debtor to his or her creditors to modify his or her obligations to them. For example, you may propose to your creditors that you will pay a lower amount each month, but over a longer period of time. Or that your creditors accept being paid a percentage of what you owe.

A consumer proposal is made under the Bankruptcy and Insolvency Act (Canada).

Source: Office of the Superintendent of Bankruptcy Canada.

(http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br01861.html)