Consumer Proposal
What is Consumer Proposal?
A Consumer Proposal is a legal debt relief solution available to Canadians facing financial difficulties. It allows individuals to negotiate with creditors to reduce their total debt and make affordable monthly payments over a period of up to five years. Unlike bankruptcy, a consumer proposal lets you keep your assets while stopping collection calls, wage garnishments, and legal actions. It is administered by a Licensed Insolvency Trustee (LIT) and, once completed, the remaining debt is forgiven. This option helps individuals regain financial stability without resorting to bankruptcy.
What kind of Debt will a Proposal Consolidate?
- Student loan debts (Conditions apply)
- Tax debts include Personal Tax, HST, and Source Deduction payment
- Payday loans
- Bank loans
- CEBA loans
- Credit card loans and Unsecured line of credit
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Avoids Bankruptcy
Filing a consumer proposal in Canada is one of the best and convenient ways to avoid bankruptcy. Even bankruptcy and consumer proposals offer relief from debt. Apart from avoiding bankruptcy it also helps you to retain your assets.
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Keep Your Assets
Now, retain your important assets such as your home, car, retirement savings etc. Individuals looking to protect their property while reducing debt may opt for consumer proposals. So, you can get back on track financially without losing what matters most to you.
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Get Flexible Repayment Plan
When it comes to repayment then many of the individuals stuck into this. You get more flexibility which is a major key benefit. Even if you’re residing in Edmonton and seeking for consumer proposal in Edmonton too then you can consult with us.
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Get Rid of All Debts
Now tackle multiple kinds of debts with a consumer proposal process that helps to address a wide range of debts such as personal loans, credit card balances etc. A consumer proposal does not cover secured debts such as mortgages, car loans and student loans.
