» The Consumer Proposal: an alternative to bankruptcy
You have serious financial difficulties? Or maybe it is one of your acquaintances? In some cases, there is an alternative to filing for bankruptcy: it is called the "Consumer Proposal".
This is a process defined in the
Bankruptcy and Insolvency Act, which allows you, through a trustee in bankruptcy, to present to your creditors a proposal in view of reducing your monthly instalments, adjusted according to you ability to pay, while enabling you to keep your property.
Briefly, in most cases, the main benefits of a proposal are:
- Reducing your monthly instalments
- Alleviating you total debt
- Making a single manageable monthly payment
- Putting an end to interest charges
- Keeping your assets
- Avoiding a personal bankruptcy
In Quebec, even if you don’t file for bankruptcy, only a trustee in bankruptcy can intervene on your behalf as proposal administrator.
Don’t delay. Contact us right now to set up a free consultation in order to determine if you are eligible to make a proposal. This will finally give you peace of mind!