Bankruptcy is meant to give a fresh start to all the Canadians who are unable to pay their debts. But, Canadians with a lot of assets may not like the idea of starting over without allthey previously owned. But, they can utilize the consumer proposal option. Here are three important things you need to know about consumer proposals:
Some Canadians who have thought about filing personal bankruptcy and checked through the list of provincial asset exemption allowances may not know what to do. If you have a lot of things, you will have to give most of them up. There is no other way out of it. Vacation homes, RVs, ATVs and a lot of other assets will be seized and sold to pay back your creditors.
In order to protect those assets, you can opt for consumer proposals. The consumer proposal is an excellent option for those whose income is still on solid ground and sufficient enough to pay back some of the debt that they owe. To check if your income is sufficient enough and the money you owe low enough, make sure to consult with a licensed and qualified bankruptcy trustee. They will evaluate your financial situation, and if they are able to establish a single monthly payment you can realistically make over a 5-year period, you become eligible for this option.
The fact that you get to keep your assets is an excellent advantage of this option, but in many ways, the legal protection could be even more significant. If you have conducted some research on bankruptcy options, you will know that a consumer proposal is very much the same as a debt settlement plan provided by credit counseling companies.
Finally, it is important for you to understand the fact that a consumer proposal will be less expensive than a debt settlement plan. You only have to pay the court expenses and the trustee’s fees.
If you want to choose a company that can help you consolidate credit in Duncan, it is imperative that you do a little bit of research prior to making a final decision. Here are some key factors to consider when looking for a reputable credit consolidation company in your area:
Make sure to confirm that the company you are considering has been around for more than five years. A company that has helped a lot of people with their credit consolidation needs before is an ideal choice for you. Not only does an experienced company know how to identify your specific requirements, but they will be able to recommend the most suitable solutions for you.
When selecting a bankruptcy trustee to help you consolidate credit in Duncan, talk with some of the past clients of the trustee to ask some crucial questions. Their responses and comments will give you an indication of whether or not the trustee is the appropriate choice for you. With that said, you ought to consider all these factors and aspects before you make your final decision.