Consumer Proposal
It may be defined as the legal agreement that outlines how an individual has to repay the overall debts to creditors.
When it comes to getting debt help in Edmonton & Brampton then a consumer proposal allows someone to repay some portion of their debt and gives the option of extending the repayment duration. This option saves individuals from going bankrupt.
What kind of Debt will a Proposal Consolidate?
- Student loan debts (Conditions apply)
- Tax debts include Personal Tax, HST, and Source Deduction payment
- Payday loans
- Bank loans
- CEBA loans
- Credit card loans and Unsecured line of credit
File Consumer Proposal in Brampton, Ontario, Canada
If you’re a resident of Brampton then Steve can help you in the whole process of filing consumer proposals in Brampton, Ontario. When you file for a consumer proposal then it allows you to negotiate with your creditors to repay a portion of what you owe.
So it ends with reduced monthly payments and an easily manageable repayment plan. Well, you get a structured way for financial stability.
Filing a consumer proposal in Canada is one of the best and convenient ways to avoid bankruptcy. Even bankruptcy and consumer proposals offer relief from debt. Apart from avoiding bankruptcy it also helps you to retain your assets.
When it comes to repayment then many of the individuals stuck into this. You get more flexibility which is a major key benefit. Even if you’re residing in Edmonton and seeking for consumer proposal in Edmonton too then you can consult with us.
Now, retain your important assets such as your home, car, retirement savings etc. Individuals looking to protect their property while reducing debt may opt for consumer proposals. So, you can get back on track financially without losing what matters most to you.
Now tackle multiple kinds of debts with a consumer proposal process that helps to address a wide range of debts such as personal loans, credit card balances etc. A consumer proposal does not cover secured debts such as mortgages, car loans and student loans.
Important Terms - Consumer Proposal in Edmonton, Alberta
We also serve our clients residing in Edmonton, Alberta with all consumer proposal processes. Have a glance on some important terms.
It is a simple and legal agreement between you and the creditors or loan payers to repay a part of your debt within a specified period.
Creditors are those who pay you money. In a consumer proposal, creditors vote on whether to accept the repayments.
People may confuse between the secured and unsecured debts. Secured debts are basically those debts that are tied to assets e.g mortgage or car loan.
A legal safeguard that, once a consumer proposal is submitted, prevents creditors from pursuing legal action, including wage garnishments or collections.