If you live in Markham or neighboring areas, you should try looking into consumer proposals in Scarborough from a Licensed Insolvency Trustee as a way to address your financial debt troubles. The Bankruptcy & Insolvency Act presents two solutions, one in particular is personal bankruptcy and the second one is a proposal.
What Does a Consumer Proposal Do For Debtors?A proposal is an agreement discussed with lenders via a certified personal Licensed Insolvency Trustee and also authorized by the court. A proposal is a legal arrangement which establishes an instant defense from lenders as well as debt collection firms.
It is a debt settlement strategy that takes into account your current earnings and holdings. The final settlement could be the total sum of the amount owing to lenders or merely a percentage of the amount. Repayments can also be done in two ways, a lump sum payment or settled through regular monthly payments.
Submitting an application for a proposal is not always guaranteed due to the fact that the proposal must be accepted by the majority (not all) of the creditors and the proposal requires approval from the court.
A few protections afforded by a proposal include:
- Garnished Wages End Right Away
- Interest Charges Halt From Accumulating
- Lenders as well as Collection Companies will No Longer Contact You
Advantages of A Consumer ProposalFinancial assets like your house aren’t in danger as they are not part of the consumer proposal. As soon as your proposal is approved, the amount of money you pay won’t go up regardless on your income changes. If f your salary increases, you will only owe the amount stated in the agreement, no more, no less. The unfavorable impact on your credit score is not as severe as if you declared bankruptcy.
There are lots of advantages to both you and your creditors in selecting a consumer proposal as opposed to claiming individual bankruptcy.
We can provide you with a complimentary consultation to help you decide the best solution for your circumstance. A phone call to our office might be the best stress reducing call you will make.
With Richard Killen & Associates, our Scarborough Licensed Insolvency Trustee can evaluate all of the options applicable to you and then provide you the guidance you need to select the best way to alleviate your financial challenges.
Give us a call to get your finances turned around and back on track at (416) 644-1212. Our offices are located at 1200 Markham Road, Suite 218, Toronto, Ontario, M1H 3C3. There is plenty of parking and we are conveniently located right next to the Ellesmere bus stop.
Are your finances keeping you up at night? A call to our office will give you the peace of mind you deserve.
If you live in Markham or other neighboring areas and would like to learn more about how consumer proposals in Scarborough could be the debt relief solution you have been looking for, contact our Scarborough Licensed Insolvency Trustee office today at (416) 644-1212.