Consumer Proposal Newmarket
A consumer proposal can cut your unsecured debt by up to 80%, stop creditor calls the day it’s filed and let you keep your home and car.
Our Licensed Insolvency Trustees help people across Newmarket, from historic Main Street and Fairy Lake to Glenway, Stonehaven and Woodland Hill, with free, confidential consultations.
The sooner you act, the more options you have.
Safe, secure & confidential
How does a consumer proposal work in Newmarket?
A consumer proposal in Newmarket works through a Licensed Insolvency Trustee (LIT), who files a legally binding offer to your creditors to repay part of your unsecured debt. It can cut what you owe by up to 80%, and the federal Bankruptcy and Insolvency Act sets the same rules across Canada.
You make one fixed, interest-free monthly payment for up to five years and keep your home, car and other assets. Once your trustee files, collection calls, interest charges and wage garnishments stop.
Who qualifies for a consumer proposal in Newmarket?
You qualify for a consumer proposal if you owe between $1,000 and $250,000 in unsecured debt and can’t repay it in full but can afford a regular monthly payment.
You also need to:
- Be an individual, not a corporation.
- Live in Canada or own property in Canada.
- Be at least 18 years old.
The $250,000 limit excludes your mortgage. If you don’t qualify, see our other debt relief options in Newmarket, or we will assess your situation for free.
What do clients say about our consumer proposal service?
Clients rate Harris & Partners 4.8 out of 5 from more than 2,200 Google reviews and “Excellent” on Trustpilot, for clear advice and judgment-free support.
Based on OSB data, nearly 4 in 5 people in Newmarket choose a consumer proposal over bankruptcy.
Among those facing insolvency, it's how most clear debt and keep their home.
Among those facing insolvency, it's how most clear debt and keep their home.
Consumer proposal vs bankruptcy vs debt consolidation: Which is right for you?
A consumer proposal in Newmarket reduces your debt while you keep your assets, bankruptcy clears more debt but may cost you assets, and debt consolidation is a new loan that doesn’t reduce what you owe.
The right choice depends on your income, assets, and total debt, and a trustee will walk you through all three.
| Consumer proposal | Bankruptcy | Debt consolidation | |
|---|---|---|---|
| Reduces debt? | Yes, up to 80% | Yes, most debt cleared | No |
| New loan needed? | No | No | Yes |
| Interest | 0% | 0% | Variable, often high |
| Stops collection calls? | Yes, on filing | Yes, on filing | No |
| Your assets | Keep all assets | May lose some assets | Keep all assets |
| Credit report | R7 until 3 years after completion or 6 years after filing, whichever comes first | R9 for 6–7 years after discharge (first bankruptcy) | Depends on repayment history |
| Government-regulated? | Yes | Yes | No |
How could a consumer proposal help you in Newmarket?
A consumer proposal in Newmarket could cut your debt, stop creditors chasing you, and let you keep your assets, all through one interest-free monthly payment.
- Reduce your debt by up to 80%: Creditors often accept significantly less than the full balance.
- Stop creditors the day you file: Collection calls and wage garnishments must stop, with legal protection under the Bankruptcy and Insolvency Act.
- Keep your home, car and other assets: You don’t surrender property, unlike in bankruptcy.
- One interest-free payment every month: Interest freezes on filing, and your trustee sets the payment around your budget, spread over up to five years.
- Qualify easily, with a high approval rate: There’s no credit check, and 9 in 10 proposals we file are accepted by creditors.
How to file a consumer proposal in Newmarket
A consumer proposal in Newmarket has four main stages, from a free consultation with a Licensed Insolvency Trustee to a Certificate of Full Performance once your payments and counselling are complete.
- 1. Book a free consultation: A trustee reviews your debts, income and assets and explains every option, not just consumer proposals. It takes under an hour, and you have no obligation to commit.
- 2. Draft and file your proposal: If a proposal suits you, we prepare it with a monthly payment you can afford and file it with the Office of the Superintendent of Bankruptcy. Collection calls, interest and wage garnishments stop immediately.
- 3. Creditors vote: Creditors have 45 days to respond. If creditors holding the majority of your debt by value accept, the proposal binds all of them.
- 4. Make your payments and finish the program: You pay your trustee once a month for up to five years and attend two financial counselling sessions. After your last payment, you receive a Certificate of Full Performance and the included debts are cleared.
Why choose Harris & Partners for your consumer proposal in Newmarket?
We’ve helped Canadians get out of debt since 1964, with plain-English advice from people who care about your financial stability. There are no intimidating offices and no legal jargon.
We’re one of Canada’s largest insolvency filers, with more than 100 years of combined trustee experience and long-standing creditor relationships that help get proposals approved.
Newmarket residents who file with us can legally reduce their unsecured debt by up to 80% and repay the rest in affordable instalments.
Why choose Harris & Partners for your consumer proposal in Newmarket?
How much could you save with a consumer proposal?
In this example, a consumer proposal cuts monthly repayments on $38,290 of debt from $1,409 to $210 over 60 months.
Repayments over 60 months
Before help
$1,409
After help
$210
Example only; your payment depends on your income, assets and debts.
Estimate your monthly payment
What types of debt are covered by consumer proposals in Newmarket?
A consumer proposal can include most unsecured debts, combining them into one interest-free monthly payment:
- Credit cards – balances across any number of cards
- Payday loans – ending the borrowing cycle
- Personal loans and lines of credit – from banks or private lenders
- CRA tax debt – income tax arrears, GST/HST you owe personally and CERB overpayments
- Student loans – once seven years have passed since you left school
- Medical bills and utility arrears – including unpaid hydro and gas
Mortgages and car loans are secured debts, so they stay outside the proposal. Filing does stop wage garnishments from your unsecured creditors, which makes it easier to keep up those secured payments.
Where is our nearest office to Newmarket?
Our nearest office to Newmarket is in Markham, at:
8920 Woodbine Ave, Suite 104, Markham, ON L3R 9W9
Meet your Licensed Insolvency Trustee
Joshua Harris is a Licensed Insolvency Trustee and Partner at Harris & Partners, based at our Markham head office, which serves Newmarket. He has helped lead the firm’s expansion across Canada and handles consumer, small business and corporate insolvency.
Address
8920 Woodbine Ave, Suite 104, Markham, ON L3R 9W9
How to get there
By car: From Newmarket, take Highway 404 south towards Markham, then follow Woodbine Avenue, which runs alongside the highway, to the office.
By public transit: From Newmarket, the trip by transit takes much longer than driving, so a video consultation may be easier.
Office hours
Monday to Friday: 09:00-17:00 (by appointment only)
Newmarket consumer proposal FAQs
These answers cover the questions Newmarket residents ask most about consumer proposals, from tax debt and credit ratings to cost.
How do you file a consumer proposal in Newmarket?
You file through a Licensed Insolvency Trustee, the only professional legally authorized to file a consumer proposal in Canada. The trustee assesses your finances, drafts an offer to your creditors, files it with the Office of the Superintendent of Bankruptcy and manages the creditor vote. You then make one monthly payment for up to five years.
Is a Licensed Insolvency Trustee consultation free in Newmarket?
Licensed Insolvency Trustees in Newmarket normally offer a free first consultation with no obligation to file. During the meeting, the trustee looks at your debts, income and assets and walks you through every option, from consumer proposals and bankruptcy to debt management plans. As federally regulated professionals, trustees must explain all available options, not only those they administer.
How much does a consumer proposal cost in Newmarket?
A consumer proposal costs nothing upfront – trustee fees are fixed by federal rules and come out of your monthly payments. Your monthly amount depends on your income, essential living costs, household size and assets, and is usually well below your total unsecured debt. Those payments also cover both mandatory credit counselling sessions.
Can CRA tax debt be included in a consumer proposal in Newmarket?
A consumer proposal can include most personal CRA debt, such as income tax, GST/HST you owe as an individual, and CPP or EI overpayments. The CRA votes on your proposal as an unsecured creditor, just like your credit card and loan providers. Filing also creates a stay of proceedings, which halts CRA wage garnishments and prevents new bank account freezes.
How does a consumer proposal affect your credit score in Newmarket?
Filing a consumer proposal lowers your credit score and places an R7 rating – the code credit bureaus use for proposals – on your credit report. That rating is less damaging than bankruptcy’s R9 and disappears three years after your last payment or six years after filing, whichever is sooner. Rebuilding your score can begin while payments are still underway.