An Accident Results in Dealing with Debt through a Consumer Proposal
An accident can completely change the course of your life, even if just for a few months.
It is often difficult to maintain payments on things like property and vehicles when you have been in an accident and can no longer earn the same amount of money as you did before you became injured.
Being in an accident can mean being unable to work for months at a time, sometimes more than a year, which can cause a significant loss of earnings and lower the quality of life.
It can also cause huge amounts of stress as many don’t know how they will continue to live.
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Many injured people turn to credit cards and other lines of credit to pay their debts out of desperation, but unfortunately, this can leave them in a far worse position eventually.
In cases where somebody has had an accident and is unable to work for months, analysing liabilities and assets can help.
Doing this could mean coming up with a far better solution – such as filing a consumer proposal.
Bankruptcy Canada can help with this.
Should You File A Consumer Proposal?
Filing a consumer proposal is a suitable solution for those who would like to avoid bankruptcy.
Our licensed insolvency trustees have helped those in all kinds of financial difficulty due to the event of an accident, and it could be the right course of action to take if you are injured and unable to pay your debts.
There’s a common theme with many case studies.
For example, a person starts their dream business after completing a degree, and puts their all into building it from the ground up.
They put a lot of hard work into building the business and feel somewhat successful.
They are later involved in a serious accident while driving, or cycling, or even walking.
They can then struggle to recover from the costs incurred from the accident as they are unable to return to work and find themselves without income and unable to pay debts.
In situations such as this, Bankruptcy Canada can help.
A LIT from Bankruptcy Canada can take a close look at the situation and help the injured party to deal with debt through a consumer proposal – this is especially advantageous for those who would like to avoid bankruptcy.
These debts may include student loans, credit cards, income tax liability, phone bills, and car loans.
Surplus income corresponds to the amount of revenue that surpasses the minimum a family needs to maintain a reasonable standard of living, and if the injured party does not have any surplus income then payments can be set at a suitable amount.
It may take less time to back on your feet than you think, providing you don’t procrastinate on getting help.
Get In Touch With Bankruptcy Canada Today
Get in touch with Bankruptcy Canada today if you’re injured and think a consumer proposal may be right for you.
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?
Consumer Proposal Eligibility
How to Amend a Consumer Proposal