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Advantages Of Filing a Consumer Proposal

A consumer proposal has recognized the alternative to bankruptcy in Ontario for a good reason. Consumer proposals are the only government-approved debt settlement program in Canada. To know more about the benefits of Filing a proposal view https://www.billfixer.com/proposals/.

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Advantages Of Filing a Consumer Proposal

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  1. Advantages Of Filing a Consumer Proposal

  2. 1. INTRODUCTION WHAT IS CONSUMER PROPOSAL? ADVANTAGES OF FILING A PROPOSAL CONCLUSION CONTENT 2. 3. 4.

  3. INTRODUCTION If you want to avoid Bankruptcy and the struggle with debt and bad credit or have been declined a bank debt consolidation loan, then there are many advantages to filing a consumer proposal.

  4. What is a Consumer Proposal? A consumer proposal - a formal, legal process an offer to creditors to repay a portion of what you owe do not have to declare Bankruptcy

  5. It cannot be more than five years Administered by a Licensed Insolvency Trustee

  6. Advantages Of A Consumer Proposal

  7. 1. Repayment of Debt Affordable In a consumer proposal, you pay only your creditors a portion of what is outstanding and your remaining debt is excluded.

  8. 2. Majority Of Creditors Must Accept Do not need all unsecured creditors to agree for the proposal for it to be legally bound.

  9. 3. Legal Protection After you file, creditors cannot - take legal action against you to collect on the debt, and existing legal action must stop. From Creditors

  10. 4. The Licensed Insolvency Trustee handles communication The Licensed Insolvency Trustee would handle all communication.

  11. 5. Your Assets Are Protected You can keep all of your assets once you file a consumer proposal. No investments have to be sold to pay your creditors.

  12. 6. Fixed Income Charges After your proposal is accepted, the amount you have to pay back is fixed even if you get surplus income.

  13. Conclusion: There are various benefits to filing a consumer proposal. It keeps you from having to file for Bankruptcy It is an excellent way to manage your financial problems and help you recoup.

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