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Filing a consumer proposal in Ontario

Filing a consumer proposal will allow you to avoid bankruptcy and reduce the amount of debt you owe while keeping your assets. Please check this out to get more information on filing consumer proposals in Ontario

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Filing a consumer proposal in Ontario

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  1. Why File a Consumer Proposal in Ontario? Bits of Advice for Young Adults

  2. A consumer proposal is considered the #1 alternative to bankruptcy in Ontario for good reason. Consumer proposals are the only government approved debt settlement program in Canada. While there are pros and cons with a consumer proposal, today 6 in 10 Ontarians avoid filing bankruptcy by choosing a consumer proposal as their preferred debt relief solution. What You Need to Know

  3. FOR THOSE WHO QUALIFY, A CONSUMER PROPOSAL HAS SEVERAL KEY ADVANTAGES OVER BANKRUPTCY: 1. A negotiated debt settlement 2. You repay only a portion of your total debts 3. Legally binding for you and your creditors

  4. 5 TOP ADVANTAGES OF CONSUMER PROPOSALS 1. Keep Your Assets 2. Avoid Surplus Income 3. Lower Monthly Payments 4. Get Creditor Protection 5. Avoid Bankruptcy

  5. A CONSUMER PROPOSAL IS A GOOD IDEA FOR MANY REASONS. HERE ARE A FEW REASONS WHY YOU SHOULD CONSIDER A CONSUMER PROPOSAL OVER OTHER DEBT RELIEF ALTERNATIVES: Keep Your Assets Avoid Surplus Income One of the biggest advantages of a consumer proposal is the fact that your assets are protected. You keep all assets in a proposal including any tax refunds, investments and equity in your home. Unlike bankruptcy where the more you earn the more you pay, consumer proposals have a fixed payment that never increases. If you expect your income to increase, consumer proposals are better than bankruptcy. Get Creditor Protection Lower Monthly Payments As a legal process under the Bankruptcy & Insolvency Act, a consumer proposal provides creditor protection that will stop collection calls and wage garnishments. In a consumer proposal, you negotiate to repay only a portion of your debt. It is not unusual to see debts reduced by as much as 70% of the original amount owed.

  6. Are There Disadvantages of Consumer Proposals? Is a consumer proposal worth it? While consumer proposals are becoming more common in Canada they are not a good option for everyone. A consumer proposal will usually take longer to complete than a bankruptcy. By lowering your monthly payment through a consumer proposal, you are paying your creditors their recovery over a longer time. However, if your financial situation improves you can pay off a proposal early. If you do not have any assets that would be seized in a bankruptcy or do not have significant income, then filing personal bankruptcy may be your best choice. During your consultation, your Licensed Insolvency Trustee will explain the pros and cons of each alternative.

  7. Who should I talk to about a Consumer Proposal? If you think a consumer proposal is the right solution for you, the next step is to talk with a Licensed Insolvency Trustee. Only an LIT can act as a consumer proposal administrator. CAUTION: You do not need a referral to speak with a Licensed Insolvency Trustee nor do you need to pay anyone to help you prepare any paperwork. Please be cautious of debt consultants who advertise about consumer proposals and offer to get you a better deal than your trustee. Creditors do not like dealing with these debt consultants and they are rarely able to arrange a better deal and certainly do not warrant the large fees they charge.

  8. AT CHARLES ADVISORY SERVICES, YOU ALWAYS MEET WITH A LICENSED AND CERTIFIED DEBT EXPERT, NEVER A SALESPERSON. ASK US IF A CONSUMER PROPOSAL IN ETOBICOKE, ONTARIO IS RIGHT FOR YOU. Talk to Us Mailing Address Charles Advisory Services Inc.200 Evans Ave Unit 8Etobicoke, ONM8Z 1J7 Email Address info@charlesdebtmanagment.ca Phone number 416-486-9660 416-915-9007

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