Can I Avoid Bankruptcy With a Consumer Proposal?
Avoiding Bankruptcy With a Consumer Proposal
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How to Avoid Bankruptcy in Canada
For certain individuals who wish to avoid bankruptcy, receive protection from creditor harassment, and get out of debt can avoid bankruptcy with a consumer proposal.Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation
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What is a Consumer Proposal?
Structuring Your Consumer Proposal
In order to make a consumer proposal with your creditors you must use the services of a consumer proposal administrator or bankruptcy trustee. Only a bankruptcy trustee can act as a consumer proposal administrator under the Bankruptcy and Insolvency Act. Before a proposal is structured, the trustee, acting as your proposal administrator, will schedule a confidential initial evaluation with you to determine if you are a good candidate for a consumer proposal. In certain cases the trustee might advise you to seek other debt relief options such as an informal proposal or going bankrupt. One of the ethical requirements of a trustee is to provide you with the best advice even if it means you won’t use the trustees services. Therefore, you can rest assured that you are getting the best advice possible from a trustee. However, if the trustee believes that a proposal can be viable for you, she or he will help you structure a fair consumer proposal. The administrator will work with you every step of the way to ensure your proposal is acceptable and you can avoid bankruptcy.Avoiding Bankruptcy With a Proposal
Avoiding bankruptcy with a consumer proposal is possible for many individuals that have the cash flow required to make a fair proposal. The term of a proposal cannot exceed 5 years. You might end up repaying only 30% of your debt. A consumer proposal can help people get out of serious debt for as little as $200 or $300 a month.Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation
Call 877-879-4770
or
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I was feeling overwhelmed by my credit debt, constantly receiving calls and letters from debt collectors, which caused a great deal of stress. It seemed like there was no way out of this situation. However, I discovered Bankruptcy Canada while listening to my local talk radio station. This organization proved to be friendly, empathetic, knowledgeable, and professional, with extensive experience in their field.
During our initial meeting, they took the time to understand my debt and financial circumstances. They explained the various options available to me and helped create a personalized plan that would be most beneficial for my situation. With their assistance, I was able to avoid declaring bankruptcy by presenting a consumer proposal to my creditors. Fortunately, my proposal was accepted, and I am extremely relieved to finally be free of debt, all thanks to BankruptcyCanada. The burden on my shoulders feels significantly lighter now, and I truly believe that Bankruptcy Canada has the most skilled specialists in debt relief.
Geoffrey,
Toronto