Ottawa Consumer Proposals
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What is a consumer proposal, and how do I know if it the best option for my debt problem?
One way to get out of debt is to file a consumer proposal in Ottawa.
Consumer proposals in Ottawa are a popular alternative to going bankrupt.
As a legal process to deal with debts, the consumer proposal is governed by the Bankruptcy & Insolvency Act.
A consumer debt proposal is an agreement between you and your unsecured creditors to repay a portion of the debt that you owe.
The amount you repay will be a fair agreement for you and your creditors.
In many cases you will repay less than you owe and the repayment agreement is based on your income and the assets you own.
Oftentimes in a consumer proposal you can repay as little as 30 cents on the dollar.
The consumer proposal agreement will be worked out with the assistance of your local consumer proposal administrator (a Licensed Insolvency Trustee).
For example, your consumer proposal could be a plan to repay $300 a month for 36 months.
You must work with a licensed insolvency trustee to file a consumer proposal, as only trustees are licensed to provide Ottawa consumer proposal services under the Bankruptcy and Insolvency Act.
Your Trustee, acting as your consumer proposal administrator, will take a small fee out of your monthly payment to administer your proposal.
This means you won't have to pay any extra for the trustee and their services.
A consumer proposal becomes legally binding once a majority of your creditors (by dollar amount owed) vote to accept your proposal plan.
In some cases your creditors might request you to modify your proposal but this very rare as our proposal administrators have a lot of experience and skill in drafting proposals that are attractive to your creditors.
We know what your creditors are looking for and how to present a proposal that is attractive to them.
Consumer proposals are almost always accepted because the only rule in drafting the proposal is that it must pay your creditors more than they would receive if you were to go bankrupt, so they are inclined to almost always approve your debt proposal, especially since you will work out the debt proposal with your Trustee.
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.
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.
A licensed insolvency trustee (LIT) can help you reduce your debt and make a proposal offer to your creditors.
Whether you choose to settle your debt through a bankruptcy or a consumer proposal, we will provide credit counselling so you can avoid money problems in the future as well.
A proposal can help you extend the time you have to repay your debts, while claiming bankruptcy gives you a fast fresh start.
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.