No
other way can be better than filing consumer proposal if you are
looking for a perfect way to eliminate the issues of debt. A
perfectly planned consumer proposal allows you to repay some amount
of your debt to your creditors rather than paying whole payment at
once.
And
the agreement that you sign with your creditors is prepared after
understanding your financial condition so that an affordable amount
of installment could be mentioned in the proposal.
Consumer
Proposal is better than Bankruptcy
One
of the biggest advantages of this proposal is that it is a better
option than bankruptcy. Because in bankruptcy you don't get the
opportunity to make the payment in installments. Besides, this you,
if you go for bankruptcy, amount for monthly installment may increase
if your monthly income increases. But, in consumer proposal nothing
is going to happen like this, you will have to make only that amount
of payment which has been agreed by both the parties earlier.
In
bankruptcy, you may lose your precious assets but consumer proposal gives a right assistance to save them.
So,
stop worrying for your valuable assets because this beneficial
proposal is available to handle your debt and creditors as well.
Benefits
of Consumer Proposal:
- Your all assets like your car, home, bike, and jewelry will be safe
- After filing the consumer proposal all interest charges will end
- Fixed amount of payment to repay every month
- You can save your money for future rather than paying to your creditors
- There is no need to pay extra fee beyond regular monthly payments
- Your creditors will stop to call or threaten you immediately
- Allows you to pay off unsecured debts like credit card, lines of credit, and taxes
- Payments are fixed once accepted – no crash from higher income in future or inheritance
- Probably shorter impact on Credit Bureau, only 3 years after the completion
- A right option for someone who has been bankrupt previously
- Maintains GST returns and income tax
- Procedure to File Consumer Proposal
Now
it's clear that no other option provides such great benefits as a
consumer proposal does. Because of its valuable benefits, it
is a right choice for anyone who really wants to come out of the
debt.
But
for filing it, you will have to follow an ideal procedure, everything
should be perfectly planned. And this perfect plan can be prepared
only by a legal professional. It is important for you to hire a
professional because the process can be complicated in some way and
only an expert can solve it.
So,
if you want a smooth process for filing a consumer proposal, you
should definitely contact an experienced and qualified Legal
Insolvency Trustee. Your LIT efficiently negotiates with your
creditors and also files a proposal on your behalf. Your trustee
provides you a right assistance to understand the each and every step
of the consumer proposal filing process.
Before
preparing the agreement LIT also makes sure that you are eligible for
filing or not so that future issues with creditors can be prevented
at the right time.
