The good people of Erin Mills may consider Mississauga consumer proposals from a Licensed Insolvency Trustee as an effective means to address their debt settlement. The Bankruptcy & Insolvency Act presents two recommended methods to overcome debt, the first is personal bankruptcy and the other choice is a proposal.
Understanding What a Consumer Proposal Can DoA proposal is normally a settlement deliberated with creditors through the aid of a licensed Licensed Insolvency Trustee or licensed consumer proposal administrator approved by the court. It is an legal contract which generally grants instant protection from creditors and also debt collection companies.
In essence it is a repayment plan determined by your fiscal capability. It could be the merger of all your unpaid debt or possibly just a percentage of the amount you owe. Paying debt back is usually done using a one-time payment method or over many monthly payments.
Issuing an application for a proposal is not a certainty since all proposals need to be agreed to by the majority of creditors and also recognized by the court.
Some of the protections afforded by consumer proposals include:
- Garnishing Wages is Stopped
- Interest Charges Cease Accumulating
- Creditors as well as Debt Collection Firms Cease Contacting You
Positive Outcomes of A Consumer ProposalProperties and assets, including your house, are certainly not included and will not be a component of the consumer proposal. When an individual’s proposal is authorized, the payments to your loan remain the same even if you get a salary raise. The amount of money you need to pay back is fixed and will never increase. In comparison, your credit score will look better with a consumer proposal as opposed to bankruptcy.
There are several positive aspects to you and your creditors when deciding on a consumer proposal rather than claiming bankruptcy.
Our company offers cost free initial consultations and we believe that a phone call to our office could be the best stress relieving phone call you can make.
Here at Richard Killen & Associates, our Mississauga Licensed Insolvency Trustee would examine each of the alternate options appropriate to your financial situation and provide insights on the ideal solution that can put an end to your debt troubles.
Contact us for your complimentary assessment at (905) 822-1151. Our company’s office can be found at 2155 Leanne Blvd., Suite 203, Mississauga, Ontario, L5K 2K8. You will also find complimentary vehicle parking and we are conveniently located opposite the Sheridan Centre just north of the QEW on Erin Mills Parkway.
Don’t forget, making that first call to our office might be best stress lowering telephone call you can make.
[calltoaction bg_color=”#0076c0″ border_width=”1″ border_color=”#cccccc” button=”no” buttoncolor=”default” buttonsize=”medium” buttonstyle=”simple” button_position=”right” target_blank=”yes” text_position=”center” text_color=”#ffffff”]To find out more on Mississauga consumer proposals and also how a Licensed Insolvency Trustee could assist in alleviating your financial anxiety, be sure to get in touch with our office today at (905) 822-1151 to reduce the stress in your life![/calltoaction]