Proposal to Creditors
- A Consumer proposal is simply a repayment plan that is formulated in accordance to the consumer's ability to pay, and provides for a settlement with creditors while avoiding bankruptcy.
- Usually a portion of the total debt is paid back, without interest, over a maximum period of 60 months.
- All interest, penalties, garnishments and any other legal actions will be stayed (stopped) upon filing your proposal.
- A proposal does not impact your credit rating as adversely as a bankruptcy does.
- For consumers with adequate income or another source of funding, a proposal provides a way to deal with all debts as a whole while avoiding individual creditor demands.
Please contact us to learn more about proposals, or to book a free consultation to discuss your options.