Your Path to Debt Freedom
Do you wish to settle all your debts without filing for a bankruptcy? Filing for a consumer proposal could be the best option. As trustees in insolvency, we can act as your proposal administrator.
What is a Consumer Proposal?
A consumer proposal is a debt repayment agreement that a debtor makes with creditors. This agreement entails paying at least part of your debts and excludes any kind of interest. When you opt for this agreement, you are assenting to pay a part of your debts. Most importantly, the lenders also consent to let go of the remaining balance. This gives you instant relief from your creditors.
A Consumer Proposal may be right for you
A well-structured, -negotiated, and creditor-approved consumer proposal can be very helpful. As well as avoiding bankruptcy, there are a number of additional benefits of filing for a proposal:
- Creditors or lenders no longer have the permission to pester you for repayment. Once a proposal is approved, creditors can only get in touch with your trustee. They are, by law, powerless to contact you.
- This proposal is binding to all creditors. When the main creditors approve your debts, the minor creditors are likely to follow suit.
- Interest stops accumulating on the very same day you file.
- Repay only a part of your total debts.
- Cut your monthly payments.
- Protect your status when operating a business or engaging in trade. When you file a proposal, you are not under obligation to divulge your financial status.
How Spergel Help with your Debt
A Proposal can only be administered by a licensed bankruptcy trustee. You can be assured that we are most reliable trustees in Toronto.
First, we will file the proposal. Then we will negotiate with creditors on your behalf. In short, we will supervise all the requirements that pertain to the proposal. When your proposal is complete, we will present you with a certificate of completion. According to law, this will liberate you from the debts included in your proposal.
Want to find out more about consumer proposal?
Our Licensed Insolvency Trustees are knowledgeable on all aspects of bankruptcy laws. There are many myths about the consumer proposal. Will it dent your credit report? How is it better than other debt solving techniques? We will make sure that you learn what the whole process entails. Additionally, you will receive counseling sessions, where you learn practical money management skills.
Do not lose your house or car to debt collectors. Try our consumer proposals in Downtown Toronto and restore your financial strength. Everyone deserves a fresh financial start whilst being treated with respect and dignity. To find out what options may be ideal for you, contact one of our accredited bankruptcy trustees today. Our appointments don’t cost you anything. They are also are non-judgmental, and above all, completely confidential.