A consumer proposal in New Brunswick is an alternative to bankruptcy
While not everyone is familiar with it, a consumer proposal can be a powerful debt-relief option that may significantly reduce or even eliminate what you owe. It must be filed through a Licensed Insolvency Trustee (LIT), like our team.
What is a consumer proposal?
Federally Regulated Debt Relief Option
A consumer proposal is a legally binding arrangement that allows you to settle a portion of your unsecured debts over time. In exchange, you receive protection from creditor actions like collection calls and lawsuits. This process is governed by the Bankruptcy and Insolvency Act, ensuring both debtors and creditors are treated fairly within a structured legal framework.
Getting started
The Role of a Licensed Insolvency Trustee in NB
At Farber, our Licensed Insolvency Trustees will support you through every stage. From developing a manageable repayment plan to filing the proposal and handling communications with creditors, we ensure a seamless process and advocate for your financial recovery.
Key Benefits of a Consumer Proposal
Avoid Bankruptcy in New Brunswick
With a consumer proposal, you can resolve your debt for less than you owe, while retaining your home, car, and other important assets. Avoid the drastic step of bankruptcy and regain control of your financial future.
Stop Collections & Garnishments
Once your proposal is filed, creditors must stop all collection activities, including wage garnishments and collection calls, giving you the peace of mind you deserve.
Single Affordable Payment
Consolidate your debts into one manageable monthly payment that fits your budget. Our tailored approach helps ease your financial burden and makes your debt repayment process predictable and stress-free.
Not sure if a consumer proposal is right for you? You may need to seek out debt counselling or debt consolidation services to help you explore all your debt relief options. These services are offered by credit counselling agencies or financial institutions like a bank.
Do You Qualify for a Consumer Proposal in NB?
General Eligibility Requirements
To qualify for a consumer proposal, you must owe less than $250,000 in unsecured debt (excluding your mortgage) and have a stable income to support monthly payments. It’s also worth considering how a consumer proposal might impact your mortgage renewal, especially if you’re planning to refinance or buy a home in the future.
Types of Debt Covered
A consumer proposal can cover a variety of unsecured debts—like credit cards, payday loans, and CRA tax debt. If you’re specifically dealing with tax-related issues, explore your CRA debt relief options.
- Credit card balances
- Payday loans
- Personal loans
- Lines of credit
Take the first step
The Consumer Proposal Process in New Brunswick
Discuss your financial situation with a New Brunswick Licensed Insolvency Trustee and explore your options without any obligation.
We create a tailored debt repayment plan that satisfies your creditors and file it with the Office of the Superintendent of Bankruptcy Canada.
Creditors have 45 days to vote. If the majority (by debt value) accept, the proposal becomes legally binding. But if your consumer proposal is rejected, there are still options to consider—including modifications or alternative debt solutions.
Once accepted, begin making your monthly payments and receive legal protection from creditors. As part of the process, you’ll also complete two mandatory financial counselling sessions to help you build better money habits. After completing the payment terms and both sessions, the remaining debt is forgiven.Why Choose Farber in New Brunswick?
Local Experts Across the Province
Whether you're in Saint John, Moncton, our team offers personalized debt help through secure virtual consultations — making it easy to get expert support from the comfort of your home.
Government-Licensed Professionals
Our Licensed Insolvency Trustees are federally certified, ensuring you receive professional guidance and trustworthy advice.
Proven Track Record
Since 1979, Farber has helped thousands of Canadians—including many in New Brunswick—find lasting solutions for their debt problems.
Five whole years later and I still have the same feelings: Every single individual that I worked with at Farber, from my initial intake to 5 years later has been an excellent example of true customer support. From answering questions repeatedly to guiding me confidently, everyone here at Farber made the worst-feeling situation feel like something I could get through. The folks at Farber really ‘Get it’ and this is so much more than just a legal department: These are people who will help you as much as you are willing to help yourself. Special thanks to: Pamela, Kim, Elisha, Taghreed, Beth, Lambert and Greg. You are all amazing!
Farber is the only trustee you can trust, especially with consumer proposals. And the only one who can deal with Revenue Canada. Excellent service, knowledgeable staff, as painless as it can be
Never knew Farber existed until a couple of weeks ago. I'm still surprised that more Canadians don't know about this wonderful lifetime opportunity! I gladly started to speak to friends and colleagues who are in debt about Farber Debt Solutions. It felt great to help a friend with this information, especially when he told me how satisfied he was about feeling debt free. On top of that, I was glad to see that there is a counselling program that gives support, education and guidance on managing debt. Thank you so much and I encourage anyone who is reading this review to inform a friend who is not aware that there is real help. Thank you again for freeing my years of burden.
Frequently asked questions
Learn More About Our New Brunswick Locations
We have trusted offices across New Brunswick, providing local support wherever you are.