Consumer Proposals North York

Being in debt can feel like being trapped in a hole. No matter how hard you work to get out of it, you find yourself in deeper and deeper. There comes a point when you may want to give up. Bankruptcy may seem like the only possible way out. However, there is an alternative.

With a consumer proposal, you are given the opportunity to carve a set of steps that lead up and out of the financial hole. It can get you back onto solid, stable ground, all without having to declare a bankruptcy.

How We Can Help You Leave Debt Behind

By sitting down with a Trustee, you can discuss an arrangement to repay your creditors through a formal settlement offer.  The terms of a consumer proposal can be made to suit you.  The only limitation is that it is a maximum of five years.

Once your creditors have agreed to the repayment terms, your payments will not change, even if your income increases. You pay what has been agreed to, and no more. After you have completed your proposal payments, any balance will be forgiven.

Unlike bankruptcy, your assets are not at risk, and surplus income is not taken into account. This means you get to hold onto your assets and deal with them at any time, even during the proposal. It also means that you can earn what you like throughout the proposal without any consequences.  Keeping control of these will help you maintain stability and focus on rebuilding your finances.

Why a Consumer Proposal

A consumer proposal only reflects on your credit report for three years after you have completed your payments.  In comparison, bankruptcy reflects for seven years.

Getting your finances under control is important, and it doesn’t need to be overwhelming. With the right support and advice, it is possible to put together a plan that ensures that you don’t have to take the drastic step of filing a bankruptcy. This can make a huge difference both practically and emotionally. Escaping a financial hole is a positive step.

Contact Us Today

Do you owe too much to qualify for debt consolidation? Do you have an income level that allows you to meet some debt repayment, but not all? Do you want to avoid bankruptcy? If the answers to these questions are yes, then a consumer proposal could be the ideal solution for you.

Contact our Licensed Insolvency Trustees today to get started.