Consumer Proposals in Ottawa
A Consumer Proposal in Ottawa can support you
Are you struggling to pay off your debt in Ottawa? Do you wish to keep your finances under control? A Consumer Proposal is the best solution. It offers the creditors the repayment of your debt, making it advantageous for the person who owes them money.
- Less interest payments
- Decrease the balance
- Stop wage garnishments
- Expand the length of the loan
- Sets a full stop to lawsuits
- Cease 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 Ottawa?
Like all other cities, only a Licensed Insolvency Trustee (LIT) can administer a consumer proposal in Ottawa. 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 Ottawa?
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 Ottawa.
Schedule an appointment at our office or book a home consultation with our Ottawa Insolvency Trustee, Dana MacRae.
Avoid Bankruptcy with a Consumer Proposal in Ottawa
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 Ottawa. Several instruments are available to help you with debt in Ottawa, 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 Ottawa 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 Ottawa
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 Ottawa
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A Consumer Proposal is your Chance
for a Fresh Start.