Consumer Proposal is a Perfect Choice for Eliminating the Issues of Debt

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.  

Procedure to File Consumer Proposal 

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.