Spergel Knows Consumer Proposals.
A consumer proposal is a formal offer to your creditors to settle your debts, usually for an amount less than what is owing, but for a greater amount than the creditors would receive if you filed for bankruptcy.
You offer to pay an amount that you can realistically afford, for a fixed period of time - often up to 5 years.
The benefit of a proposal over a bankruptcy is that you generally get to keep your assets. If approved by your creditors you will have a binding contract.
Make your payments as agreed and you will have no further obligations to your creditors.
A SPERGEL customized proposal allows you to free up money at certain times of the year to help you through the periods when you need money the most. This can be accomplished by setting up your payment schedule in 1 of 2 ways:
Setting up monthly payments in higher or lower values at certain times each year; OR
Extending payment to allow for months with no payments.
When you file a proposal with SPERGEL, here's what we will do for you:
We will meet with you to review your options and the proposal process.
We will help you prepare a payment schedule for your creditors that is less than the amount owed but is within your ability to pay.
We will file your proposal and end harassing collection calls 
and garnishments immediately.
and garnishments immediately.
We will send the plan to your creditors for approval.
If at least 50% of your creditors accept your proposal it becomes legally binding on all of the creditors.
When you finish the repayment schedule the remaining balances of your debts, with a few exceptions , are forgiven.
, are forgiven.
After making all payments as agreed, we will issue you a Certificate of Completion that ends the Proposal process.
