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SOLUTIONS TO SERIOUS DEBT PROBLEMS

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Consumer Proposal in Victoria, BC

Cut 70% Of Your Debt. Save Your Home and Car!

The consumer proposal in Victoria is a formal debt relief solution governed by the Canadian government through the Bankruptcy & Insolvency Act (The "Act") that provides similar creditor protections as a bankruptcy without some of the drawbacks of filing bankruptcy.

In a consumer debt proposal, residents work with a local Licensed Insolvency Trustee to work out a legal proposal repayment plan.

The consumer proposal allows you to eliminate interest charges on your unsecured debts (secured debt such as your home mortgage can't be included in your consumer proposal plan) and settle your debts for less than the total amount you owe.

Once you and your Trustee (who is known as a consumer proposal administrator in this legal process) work out a fair repayment proposal, your Trustee will send the consumer proposal to your creditors for approval.

While your proposal must be voted on by your creditors as to whether to accept it or not, in most cases your creditors will accept it as they will be better off if you make a consumer proposal than if you go bankrupt.

The proposal becomes legally binding if the creditors holding a majority of your debt (51%) vote to accept your proposal repayment plan.

A consumer proposal is an attractive alternative to personal bankruptcy for debtors who have a high level of debt, a solid income to make an attractive proposal to creditors, and valuable assets they wish to protect.

Debtors that owe up to $250,000 in consumer debt will likely qualify for a consumer proposal, although other possibilities like personal bankruptcy could work in some situations.

A married couple in debt who wish to pursue a consumer proposal can have up to $500,000 in consumer debt.

What are the Advantages of a Consumer Proposal in Victoria?

The main benefit of a consumer proposal is that it gives debtors with a high level of consumer debt an easy way to get out of debt.

However, there are many other benefits for Victoria consumers in filing a consumer proposal:

Convenience - When you make a consumer proposal with your creditors you will work with a Licensed Insolvency Trustee (LIT) who will work with your creditors on your behalf.

Additionally, you will only have to make 1 debt payment to your Trustee who will distribute it out to all of your creditors.

Asset Protection - When you file a consumer proposal, you won't lose any of your assets and it will make paying on your secured debts easier so you can keep your home and car, regardless of the level of equity you have in each.

Additionally, you won't have to deal with any collection calls, wage garnishments or frozen bank accounts.

There are also some disadvantages of a consumer proposal you should be aware of, such as:

Credit use - When you file a consumer proposal you will lose access to credit for a short period of time. However, most creditors looking for debt relief through a consumer proposal already have poor credit and difficulties in accessing future credit.

Loss of Repayment plan - If you miss three payments in your proposal it will be cancelled and all of your debts will be reinstated. While this is rare, it should be noted.

Do You Think a Consumer Proposal Could Be For You?

Please call us today to learn more about consumer proposals, personal bankruptcy and other ways to get out of debt with the help of a LIT in Victoria.

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Smythe Insolvency Victoria, BC Licensed Insolvency Trustee

1321 Blanshard Street
301,
Victoria, BC V8W 0B6
Canada
Phone: 250-999-2781

Our friendly Licensed debt relief professionals understand how difficult a time this is for you.

This is why we always put you first when you turn to us for assistance with consumer proposal services.

We always put you first and make sure you are taken care of in a caring and respectful manner.

Our Licensed Insolvency Trustees understand the value of meeting with a debt professional that puts you first.

We will always take the time to listen to your concerns and make sure you feel comfortable dealing with us.

Our team of friendly Licensed Insolvency Trustees are ready to give you their expert opinions when you are ready.

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In order to see if a consumer proposal in BC is right for you, you need to meet with one of our debt experts for a free consultation.

Contact us if:

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  • Your bills are constantly piling up
  • Creditors are taking collection actions against you
  • You struggle to make the minimum payments on your debts
  • You are stressed because of your overwhelming debt situation

How our Consumer Proposal Solutions Can Help You

A consumer proposal is a popular alternative to bankruptcy that is available for all Canadian debtors with unsecured debts of $250,000 or less.

If you decide to proceed with our consumer proposal services, your licensed insolvency trustee, acting as your consumer proposal administrator, will contact your creditors to arrange an affordable debt repayment plan with a single monthly payment for a set period of time.

Often you will repay about 30 or 40% of your total debt owed under a consumer debt proposal plan.

Many people can avoid going bankrupt by taking advantage of a consumer proposal.

Proposal filings are gaining popularity all across Canada!

You can learn more about a consumer proposal by scheduling a FREE, no obligation, no pressure consultation meeting.

People that benefit from our services include:

Debtors that can't afford to repay all of their debts but can afford a fair payment agreement each month
People that are dealing with stress and worries due to their overwhelming debt
Debtors dealing with collection calls, wage garnishments and frozen bank accounts

Other BankruptcyCanada Debt Solutions

We are here to help Canadians with all kinds of debt relief solutions.

We have been helping people for over 20 years and we have the experience and knowlege to help you get out of debt.

In addition to consumer proposal services, we offer other debt relief solutions as well.

Solutions Panel

Filing Bankruptcy

Bankruptcy allows you to get out of debt in the quickest and most cost affordable manner.
You will be able to keep your car and home in many cases and can be out of debt in as little as 9 months.
To learn more about going bankrupt, you can contact our Licensed Insolvency Trustees for a free debt relief evaluation.

If you are dealing with debt and are struggling to manage your finances we know it can be difficult to know what to do next.

There are many solutions available to you and we understand it can be difficult to know how to proceed.

At Bankruptcy Canada we have friendly and experienced debt experts in your area who can meet with you to help you understand the right solution to your unique money problems.

With our caring assistance we can help you explore all of your debt options and help you choose the correct path towards getting out of debt.

To learn about the debt relief options provided by the Licensed Insolvency Trustees of BankruptcyCanada please request a confidential debt consultation through our online form or by calling 877-879-4770 today.

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Get a Free
Confidential Consultation

A Bankruptcy Canada Government Licensed Debt Professional will contact you as soon as possible.

Local Office Address

Local Offices
1
Victoria
301 – 1321 Blanshard Street,
Victoria, BC
V8W 0B6

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"I like how you focused on my family."
"I met with a friendly licensed insolvency trustee who was concerned for me and my family. She made it seem very easy to understand all of my ways to get out of debt." Vickie - Vancouver, BC

Accreditation:

All of the Licensed Insolvency Trustees of Bankruptcy Canada are members of CAIRP (Canadian Association of Insolvency and Restrucuring Professionals).
CAIRP is the governing body that advocates for the insolvency (bankruptcy and consumer proposal) process in Canada.