Consumer Proposals in Guelph
A Consumer Proposal in Guelph can support you.
Are you struggling to pay off your debt in Guelph? Do you want to keep your finances under control? A Consumer Proposal is the ideal solution. It offers the creditors the repayment of your debt, making it advantageous for the person who owes them money.
- Lower interest payments
- Decrease the balance
- Stop wage garnishments
- Extend the length of the loan
- Sets a full stop to lawsuits
- Stop creditors from contacting you
What Is A Consumer Proposal?
In general, a consumer proposal is a formal agreement with your creditors. It shows that you want to honor your commitment to pay the debt before it becomes unmanageable.
Who Has the Right to File A Consumer Proposal in Guelph?
Like all other cities, only a Licensed Insolvency Trustee (LIT) can administer a consumer proposal in Guelph. A consumer proposal is a formal offer that binds you and the creditor in the presence of LIT and is limited to five years. A consumer proposal can buy you time to pay your debts or reduce debt payments. You make the payments with the help of LIT, which sends the money to your creditors.
Is A Consumer Proposal Right For the Residents of Guelph?
Not necessarily. You will unlikely fall under the qualifications if you owe less than $1,000 or over $250,000. However, mortgage debt, and other exclusions, make you a candidate. If you owe less than $1,000 or $250,000, contact a Licensed Insolvency Trustee in Guelph.
Schedule an appointment at our office or book a home consultation with our Guelph Insolvency Trustee, Dana MacRae.
Avoid Bankruptcy with a Consumer Proposal in Guelph
Bankruptcy is not the only answer when you undergo financial troubles. To pick the best course of action, you must schedule an appointment with one of the accredited debt counselors in Guelph. Several instruments are available to help you with debt in Guelph, one of which is the Consumer Proposal. Dana MacRae is a Licensed Insolvency Trustee that offers credit management, proposals to creditors, and bankruptcy services to Guelph residents.
All the meetings are confidential and free of cost. You can handle this over the phone, via video conference, or in person.
Contact our office for more detailed information about this process and your situation.
Bankruptcy is not your only option in Guelph
Bankruptcy is not the only solution when you face financial struggles. Canada offers several options; one among them is the Consumer Proposal. However, that is not the only alternative.
To determine the best course of action, you should arrange an appointment with one of our accredited debt counselors. You can handle this over the phone, via video conference, or in person.
It is free, and you are under no obligation to proceed. All our meetings are confidential, and we in no way judge your actions.
Articles we prepared on Consumer Proposals in Guelph
Navigating Judgements, Liens, and Garnishments in Canada: Understanding Your Rights
Understanding your rights is crucial, whether you are in a strong financial position or facing challenges. Life will continue, even when faced with seemingly final situations such as judgements, liens, or wage garnishments. Bankruptcy or Consumer Proposal: Stopping...
A Change in your Financial Situation after Filing a Consumer Proposal
Financial circumstances take unexpected routes in everyone's lives. A consumer proposal helps you settle your financial problems by paying off your debts if they are at most $25,000. Yes, a consumer proposal is a formal contract under the Bankruptcy and Insolvency Act...
Are Consumer Proposals Good or Bad? Disadvantages of Consumer Proposals
A consumer proposal is the best debt relief option for Canadian residents. But, filing a consumer proposal in Canada has its consequences. But is a consumer proposal good or bad? Under what occasions does a consumer proposal work as a way out of debt? When do the...
Can a consumer proposal affect my partner?
If you and your spouse constantly struggle to manage your debt, consider discussing debt management options available to you with a Licensed Insolvency Trustee (LIT). In this article, we highlight the Consumer Proposal, one of the debt management options, and the...
Can you file twice for a consumer proposal in Waterloo?
You may have previously cleared debt by filing a consumer proposal in Waterloo and have again found yourself in another debt that requires you to file another consumer proposal to pay it off. When you find yourself needing another consumer proposal to pay off debt...
Home Equity Loans VS Consumer Proposals
Introduction You might be hoping for a way to consolidate your debt if you are struggling with credit card debt or paying multiple loans every month. A home equity loan might be the best option for you. Although there are various uses to home equity loans, homeowners...
Are you a home owner or a tenant ? Dealing with debts during COVID-19 pandemic
Introduction The COVID-19 pandemic has created turmoil in people's lives for a long time. The real estate industry is no exception. Owning or renting a home can be an expensive undertaking during this pandemic. Other than the initial down payment, when you own a...
Consumer Proposals vs Personal Bankruptcy: Which is better?
Introduction Most citizens file for personal bankruptcy or consumer proposals in Canada, making them the best insolvency options for a person facing financial troubles. Consumer Proposals and Personal Bankruptcies are under the Bankruptcy and Insolvency Act. Each of...
Are you worried about your Credit Card Debt? Stay debt-free with these eight simple rules
Many customers struggle with credit card debt. Although getting yourself out of credit card debt can be challenging, it is possible. It just takes focus, proper guidance, determination, and a plan that works with your financial situation. Here are some simple rules to...
Are you dealing with Debt problems? Solutions are here.
Debt Problems: Introduction Debt problems are not always sudden. Even so, it's a fact that financial difficulties can arise suddenly and unexpectedly, like the loss of a job or a vehicle breakdown. Debt problems can be of all sizes, from being a few hundred dollars...
A Consumer Proposal is your Chance
for a Fresh Start.