A consumer proposal is a formal process you make with your creditors to pay back a percentage of what is owed to them or extend the time you have to pay off the debts, or both. It protects you from creditors’ harassing phone calls, garnishments, and legal threat. A Proposal can only be made by a Licensed Insolvency Trustee. It is designed with your financial situation in mind including the payment schedule, which is based on your income, living expenses, and family responsibilities and circumstances.
A proposal can:
Our Consumer Proposal contain a variety of terms, but majority consist of an offer to settle your outstanding debt by making one low monthly payments and/or a lump sum payment. This results in you repaying back a reduced debt amount usually in the range of 30% or less of your total debt. You pay the agreed-upon sum to your trustee, who will in turn, distribute the money to your creditor(s).
Generally speaking, no. Only a licensed insolvency trustee can legally initiate and process proposal proceedings, so unless your situation is particularly complex, a lawyer won’t be necessary.
Doyle Salewski will:
Our success rate in helping individuals like yourself overcome their debt struggles speaks for itself: we’ve been successful in all the cases we’ve taken on.
This comes from experience. Since 1996, from Ontario and into Quebec, we’ve been helping Canadians make a fresh financial start.
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