A consumer proposal can help you avoid the stigma of bankruptcy while still providing protection from your creditors, and is often viewed more favourably than bankruptcy in background checks by potential employers or landlords.
It can be used to resolve a single debt, or multiple loans – including ‘cash advance(s).’
Within forty-five (45) days of filing a consumer proposal, you will know whether your creditors have accepted the terms offered.
Payments are usually a fixed amount based on your current income, and will not be affected by salary or wage increases, or bonuses. Potential inheritances are also not affected by the filing of a proposal.
If you own assets like a home or automobile, or investments in an RRSP, RESP or TFSA, a consumer proposal can help you keep them. And if you are the owner of a corporation, a consumer proposal allows you to continue to act as a Director.
It is important to note that a failed consumer proposal does not automatically result in bankruptcy.
To discuss whether a Consumer Proposal may be right for you, contact us at (800) 665-9965.