Who Can Help Me File a Consumer Proposal?
When you realize that your debts have spiralled out of control, chances are you want to do everything possible to retake the reins.
In order to efficiently manage the situation, you want to act quickly; however, most people want to avoid bankruptcy.
A favoured method of managing debt while preventing bankruptcy is pursuing a consumer proposal.
While both show up on your credit profile, a consumer proposal stays for significantly less time than a bankruptcy does.
It is not only less damaging to your credit; it is generally simpler to pursue and easier to discharge while still offering the full scope of financial benefits.
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First Steps
The first thing you need to do is schedule a meeting with a Licensed Insolvency Trustee.
These financial professionals will assist you in understanding what conditions allow for consumer proposals.
They will go through your situation with you and detail the process of filing.
Bear in mind that the ultimate choice as to whether to proceed is in your hands.
If you deem filing a proposal as the right direction, the Licensed Insolvency Trustee will act as the proposal administrator.
How it Works
In Canada, the only way to file a consumer proposal is through a Licensed Insolvency Trustee, per the Bankruptcy and Insolvency Act.
It entails thoroughly assessing all aspects of your situation and helping you manage your unsecured creditors.
They aid you in culturing the tools necessary to re-establishing a healthy financial life.
Virtues of Credit Proposals
Not only do these proposals give you an efficient way to manage your debt over the short and long term, they create a climate to encourage a solid financial future.
You get the benefit of relief from stress due to finances and a chance to start over with more information and better skills at your disposal.
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Proposal?
What are the Benefits of a 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 Proposal
