---
title: What are the advantages of a Consumer Proposal?
description: There are many advantages to choosing a Consumer Proposal to pay off your debt.
---

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2. [Debt Repayment Options](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en)
3. [Consumer Proposal (debts less than $250,000, excluding principal residence mortgage)](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#consumer-proposal-debts-less-than-250000-excluding-principal-residence-mortgage)

# What are the advantages of a Consumer Proposal?

## There are many advantages to choosing a Consumer Proposal to pay off your debt.

1. Repayment terms will fit within your budget, your Trustee nor your creditors will set you up to fail.
2. Binding on all creditors once it is accepted
3. You have formal creditor protection, creditors cannot commence or continue any action
4. More flexibility; repayment terms can be set to accommodate your financial situation as well as the use of assets to satisfy proposal terms.
5. Reflects more positively on credit rating as compared to a bankruptcy
6. You can include debt owed to Canada Revenue Agency
7. You can surrender assets back to secured lenders, with any liability compromised in your Proposal.
8. If you incur new debt while in an ongoing Consumer Proposal, you can file a new Consumer Proposal to include the previous and new debt, subject to Creditor and Court approval.

- [Consumer Proposals](https://knowledge.bnadebtsolutions.ca/knowledge/consumer-proposals?hsLang=en#main-content)

    - [Assets](https://knowledge.bnadebtsolutions.ca/knowledge/consumer-proposals?hsLang=en#assets)
    - [Cost and payments](https://knowledge.bnadebtsolutions.ca/knowledge/consumer-proposals?hsLang=en#cost-and-payments)
    - [Other](https://knowledge.bnadebtsolutions.ca/knowledge/consumer-proposals?hsLang=en#other)
    - [Credit Cards](https://knowledge.bnadebtsolutions.ca/knowledge/consumer-proposals?hsLang=en#credit-cards)
    - [Taxes](https://knowledge.bnadebtsolutions.ca/knowledge/consumer-proposals?hsLang=en#taxes)
    - [Mortgages](https://knowledge.bnadebtsolutions.ca/knowledge/consumer-proposals?hsLang=en#mortgages)
    - [Debts](https://knowledge.bnadebtsolutions.ca/knowledge/consumer-proposals?hsLang=en#debts)
- [Personal Bankruptcy](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#main-content)

    - [Assets](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#assets)
    - [Cost and Payments](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#cost-and-payments)
    - [Length of Bankruptcy](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#length-of-bankruptcy)
    - [Other](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#other)
    - [Credit Cards](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#credit-cards)
    - [Taxes](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#taxes)
    - [Mortgages](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#mortgages)
    - [Debts](https://knowledge.bnadebtsolutions.ca/knowledge/personal-bankruptcy?hsLang=en#debts)
- [Debt Repayment Options](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#main-content)

    - [Do Nothing](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#do-nothing)
    - [Debt Consolidation Loan](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#debt-consolidation-loan)
    - [Informal Agreement with Creditors](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#informal-agreement-with-creditors)
    - [Debt Management Program (DMP) - Offered through Credit Counselling Society](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#debt-management-program-dmp-offered-through-credit-counselling-society)
    - [Orderly Payment of Debts (OPD) - Offered through Money Mentors](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#orderly-payment-of-debts-opd-offered-through-money-mentors)
    - [Consumer Proposal (debts less than $250,000, excluding principal residence mortgage)](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#consumer-proposal-debts-less-than-250000-excluding-principal-residence-mortgage)
    - [Division I Proposal (debts over $250,000, excluding principal residence mortgage)](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#division-i-proposal-debts-over-250000-excluding-principal-residence-mortgage)
    - [Bankruptcy](https://knowledge.bnadebtsolutions.ca/knowledge/debt-repayment-options?hsLang=en#bankruptcy)

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