Brampton Consumer Proposals By a Licensed Insolvency Trustee

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Those living in Brampton and Bramalea often prefer to initiate a consumer proposal from a trusted Licensed Insolvency Trustee in bankruptcy in order to reduce and get a handle on their personal debt. The Bankruptcy & Insolvency Act in Canada states two different approaches, one in particular is personal bankruptcy and the second solution is a proposal.

Consumer Proposal versus Bankruptcy?A proposal is a settlement negotiated by a Licensed Insolvency Trustee or a licensed proposal administrator and then accepted by the court. A proposal is a legally binding arrangement which grants immediate safeguards from creditors and even debt collection firms.

In fact, it is a settlement based on your (the debtor) financial means. This can be the total accumulated amount that is to be paid to loan or credit card companies or in some cases a lower amount that is negotiated. Repayment is often facilitated through a one-time payment or paid back over monthly payments.

An application for a proposal is not always guaranteed, the reason being is that all proposals need to be agreed to by the majority of creditors as well as be recognized by the court.

A number of these safeguards from loan providers and creditors include:

  • Garnished Wages Halt Immediately
  • Interest Charges Cease Accumulating
  • Creditors as well as Debt collection Companies Stop Calling

Features of a Consumer Proposal Properties and assets like your residence will not be included in the consumer proposal. The moment an individual’s proposal is approved, your payments to creditors won’t go up even when your salary or wages are raised. You won’t be obliged to pay in excess of the agreed amount. This is a major difference between a proposal and a bankruptcy. The undesirable impact on your own credit score is certainly lesser than that of a bankruptcy.

There are various advantages for you as well as your creditors in going for a consumer proposal instead of claiming bankruptcy.

We can provide you with a complimentary consultation during regular hours and we also offer after hour meetings to accommodate your schedule. We believe in reviewing all the options available to you, not just consumer proposals.

With Richard Killen & Associates, our Licensed Insolvency Trustee in bankruptcy Brampton will be able to discuss each of the solutions available to you and provide the advice you need to help you choose  the most effective strategy to lower your financial troubles.

Call us today to obtain a free debt solution assessment at 1 (905) 456-3311. Our business offices are at 284 Queen St. East, Suite 224, Brampton, Ontario, L6V 1C2. There is always complimentary vehicle parking and our office is just west of the 410.

Stop worrying about your debt. If your debt problems are keeping you up at night,  a call to our office will likely be the most stress relieving call you can make.

For additional information on Brampton consumer proposals along with other debt solutions, call our Licensed Insolvency Trustee office at (905) 456-3311 to get the peace of mind you deserve.




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    About Richard Killen & Associates


    Since 1992, Richard Killen & Associates, a Licensed Insolvency Trustee, have helped thousands of people resolve their financial problems. With 25 years experience in this industry, our president, Richard Killen, and the rest of our team understand the difficulties that honest people can sometimes find themselves in. This expertise makes it possible to provide you with a service that effectively deals with the issues.


    Serving the GTA for 25 years