We are often asked, “What are the benefits of filing a Consumer Proposal?” In a nutshell, here they are:
a) You will obtain a very good understanding of your assets, debts and budget.
b) Creditor claims will be frozen and will stop accruing interest.
c) Creditors will be prevented from harassing, suing or garnishing you.
d) The amount of principal debt you will pay back will likely be greatly reduced.
e) You will have one affordable monthly payment on account of your debts.
f) You will keep assets you wish to continue using.
g) Assets that you do not wish to keep, or can no longer afford, can be disposed of.
h) You will be debt free in 5 years or less.
i) Assets will be retained.
j) Bankruptcy will be avoided.
k) Better credit rating than a bankruptcy credit rating.
l) We will coach and assist you with budgeting and money management skills.
m) You will begin to save money, you will have emergency funds set aside.
n) Your health, mental outlook and relationships will improve!
Consumer Proposals are a creation of the Canadian federal government. It wrote the legislation and oversees the administration of Consumer Proposals by Licensed Insolvency Trustees (“LIT”). An LIT is a highly qualified, and federally licensed professional, whose responsibility is to help you understand your finances, prepare a Consumer Proposal that you understand and can afford, will be accepted by your creditors, and to coach you in personal money management and budgeting.
Baker Tilly Ottawa Ltd. is a Licensed Insolvency Trustee. If you have questions about your debt load, or Consumer Proposals in particular, we would be pleased to help you. We have been assisting individuals eliminate overwhelming debt for over 30 years.
Contact Us Today!