Essential Consumer Debt Proposal Information for Canadians

Are you faced with overwhelming debt that you can no longer manage by conventional means such as reducing spending, selling off some things you own, or renegotiating the terms of your debt payments? Debt that can no longer be managed by means such as reducing household expenditures, selling belongings for extra cash, or restructuring the way you pay your debts for improved liquidity may need a Lethbridge consumer proposal. How do you know if this legal debt relief method is right for you? Here is some consumer debt proposal information for Canadians to help you decide:

What is a Consumer Proposal?

A consumer proposal is an agreement between you and your creditors regarding the payment and settlement of your debts. This agreement is a legally binding one drafted by a bankruptcy trustee and agreed to by a majority of your creditors that allows you to pay a portion of your total debt over a pre-determined period of time. Because it can be a complicated process, the Bankruptcy and Insolvency Law requires that you work with a licensed bankruptcy trustee. Prior to the consumer proposal taking effect, a majority of the creditors involved need to approve it.

What are the Advantages of a Consumer Proposal?

There are many advantages to a consumer proposal as a means of debt relief. These are:

• An immediate halt to any and all collection activity, including phone calls and letters from creditorRead more >>