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If this is your debt situation, a consumer proposal could reduce your debt by up to 80%.
We’re helping Canadians take control of their finances and live happier, debt-free lives.
I feel so happy and pleased with myself. It wasn’t as hard as I thought. The team made it so easy for me to do. Having no debt and better financial responsibility makes me so happy and worry free. Thank you all.
— Joy D.
My credit card debt was overwhelming and with the recent interest rates hikes and retirement, I felt like I was drowning and had lost all hope. Grant Thornton threw me the lifeline I needed and helped me see the light at the end of the tunnel. Their team was patient, comforting, and a wealth of knowledge. I can't thank them enough for helping me get back on track. I would recommend Grant Thornton to anyone who's struggling with their finances.
— Anonymous, PEI
An unexpected event put me in a very tough position and I could not meet my monthly requirements with my creditors. Thankfully, the Grant Thornton team took the time to walk me through all the options I didn’t know were available to me. With their help I am finally back on track with no collections calls or fear of having my paycheques garnished. I highly recommend Grant Thornton to anyone struggling with debt.
— Mark M, Edmonton, AB
I have been struggling with my debt for 5 years trying to keep up with everything. It came to the point of not sleeping, no concentration, and depression. I finally found the courage to make the call and ask someone for help. We set up an appointment and they called me, the team was fantastic, patient, and caring and even when I was so upset, they understood. It was like talking to a friend. Thank you for all the guidance, support, and understanding. Trust them with your debt and they can help you get through the rough patches. Thank you, Grant Thornton.
— Michelle M, Sydney, NS
Speak to one of our debt solutions professionals during a free, no-obligation consultation.
A consumer proposal is a legal repayment agreement negotiated with your creditors to settle your unsecured debt (credit cards, income tax debt, etc.). Your trustee will work with you to offer creditors a percentage of what is owed, and/or modified repayment terms based on what you can afford.
Personal bankruptcy is a solution to debt under the Canadian Bankruptcy and Insolvency Act. It allows you to clear almost all your debt, such as income taxes, credit cards, overdue utility bills, lines of credit, and loans. Bankruptcy may be the best course of action once you’ve reviewed all other options for dealing with your debt.
In Canada, only Licensed Insolvency Trustees can administer bankruptcies. Your trustee will walk you through all aspects of filing for bankruptcy, including legally protecting you from collection attempts and garnishments, and becoming the go-between for you and your creditors.
While both bankruptcy and consumer proposals offer a solution to alleviate your debt, they differ in terms of the assets you can keep, repayment structure, duration, filing process, and impact on your credit rating.
A consumer proposal is a great option for those who can afford payments to creditors but need a modified arrangement and/or have equity in assets to protect and want a lesser impact on their credit rating. On the other hand, bankruptcy can eliminate overwhelming debt for people struggling to meet their financial obligations in as little as nine months. You can learn what each option will look like, given your specific situation, during a free, no-judgment consultation with one of our debt solutions professionals.
Looking for assurance, tax, and business advisory services? Visit Doane Grant Thornton LLP.
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