Consumer Proposal New Brunswick
Write Off Debts With a Consumer Proposal in NB
A Path to Debt Relief in New Brunswick
Are you feeling overwhelmed by your debt? Are you struggling to make ends meet every month? If so, a consumer proposal may be the solution you’ve been searching for. In this article, we will explore the concept of a consumer proposal in New Brunswick and how it can help you achieve financial freedom.
Understanding the Consumer Proposal
A consumer proposal is a legal process that allows individuals to make an offer to their creditors to pay back a portion of what they owe within a designated timeframe, typically five years. It is a viable alternative to filing for bankruptcy and offers several advantages for those burdened by debt.
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Advantages of a Consumer Proposal
Protection from Creditors: As soon as you file a consumer proposal, you receive legal protection from your creditors. This means an end to collection calls, wage garnishments, lawsuits, and other collection efforts against you.
Avoiding Bankruptcy: One of the key benefits of a consumer proposal is that it allows you to eliminate your debt and obtain legal protection without having to file for bankruptcy.
Retention of Assets: Unlike other debt management solutions, a consumer proposal allows you to keep your home, car, and other assets. You make an offer to settle your debts, usually through monthly payments, as an alternative to selling your assets.
Reduced Debt Repayment: In a consumer proposal, you only repay a portion of your debt, often significantly less than what you owe. This can result in reducing your debt by as much as 70% to 85%.
Halting Interest Accumulation: Once you file a consumer proposal, interest stops accruing on your unsecured debt. Additionally, there is no interest added to your monthly payment during the duration of the proposal.
Affordable Monthly Payments: Consumer proposals are tailored to your ability to pay and the timing of your income. This results in a single, manageable monthly payment over a period of 3 to 5 years.
Simplicity of the Process: Unlike bankruptcy, a consumer proposal does not require court appearances or monthly reports. Changes to your income do not need to be reported, and any increase in income or windfalls are yours to keep. You submit your proposal to your creditors, who have 45 days to accept, decline, or request a meeting of creditors.
Debt Relief: The ultimate advantage of a consumer proposal is that, provided you meet your obligations, it allows you to achieve debt relief. Once your proposal is accepted by your creditors, they cannot change their minds and take you to court to recover the full debt.
Filing a Consumer Proposal in New Brunswick
If you are considering a consumer proposal in New Brunswick, the first step is to contact a Licensed Insolvency Trustee (LIT). These professionals are authorized by the Canadian government to assist individuals in filing for insolvency and provide a range of debt relief services.
During your initial consultation with an LIT, your financial situation will be evaluated, and you will be advised on all available debt relief options. The LIT will provide expert guidance on the best solution for your specific circumstances.
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Statistics on Consumer Proposals in New Brunswick
Consumer proposals have been increasingly chosen by individuals in New Brunswick as a means of debt resolution. According to the Office of the Superintendent of Bankruptcy, Consumer Proposals in the province have risen by 2.8% over the past year, while bankruptcies have decreased by 8.5%.
Annual Consumer Insolvency Rates in New Brunswick
The following table displays the annual consumer insolvency rates per 1,000 population aged 18 years and older in various regions of New Brunswick:
| Region | Insolvency Rate | Bankruptcy Rate | Proposal Rate |
|---|---|---|---|
| New Brunswick | 6.5 | 4.9 | 1.6 |
| Campbellton – Miramichi | 5.6 | 4.3 | 1.3 |
| Moncton – Richibucto | 6.6 | 5.0 | 1.7 |
| Saint John – St. Stephen | 6.9 | 5.2 | 1.8 |
| Fredericton – Oromocto | 6.4 | 4.6 | 1.8 |
| Edmundston – Woodstock | 6.7 | 5.7 | 1.0 |
(Source: Industry Canada)
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Conclusion
If you find yourself drowning in debt, a consumer proposal in New Brunswick may be the lifeline you need. It offers numerous advantages, including protection from creditors, debt reduction, manageable monthly payments, and the opportunity to avoid bankruptcy. By consulting a Licensed Insolvency Trustee and exploring your options, you can take the first step toward achieving financial freedom and reclaiming control of your life. Don’t let debt define your future – start your journey toward a debt-free life with a consumer proposal today.
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