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Consumer Proposal is an alternative to Bankruptcy

Avoid Bankruptcy by Making a Proposal to your creditors!

A Consumer proposal is a legal process that enables the debtor to restructure their financial affairs. The proposal creates an opportunity for the debtor to make reasonable, interest-free payments to creditors’ for up to five years. The debtor will then be able to retain all assets and avoid bankruptcy.

Let’s explore the advantages and disadvantages of Consumer proposal.

What are the advantages of a Consumer Proposal?

A Consumer proposal is a legal process that enables the debtor to restructure its financial affairs. The proposal creates an opportunity for the debtor to make reasonable, interest-free payments to creditors’ for up to five years. The debtor will then be able to retain all assets and avoid bankruptcy.

Let’s explore the advantages and disadvantages of a Consumer proposal.

What are the advantages of a Consumer Proposal?

A consumer proposal is an ideal choice of persons who do not want to file for bankruptcy. A proposal to creditors is not the same a filing for bankruptcy, even though they are governed under the Bankruptcy Act in many jurisdictions.

The debtor is required to attend two mandatory counseling sessions pertaining to budgeting, money management and credit education. These sessions not only help you determine what went wrong, but it will also help you find new ways to budget, pay bills and spend money. These counseling sessions ensure that the same financial situation is avoided in the future.

What are the disadvantages of a Consumer Proposal?

A consumer proposal will have a negative impact on your credit score. Once the certificate of completion has been obtained, the credit can be re-established and the credit will recover with time.

Do not despair! If consumer proposal is not be the right option for you, there are more effective options that enable you get out of debt faster.

What can we do for you?

We will tell you if making the consumer proposal is the right solution to get out of debt. We will represent you with the trustee to get the best terms possible and comply with the consumer proposal terms and conditions.

Click here to find out if a consumer proposal is the right option for your current financial circumstance.

 

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Testimonials

November 14 2007 I just wanted to say thank you for all the help that you provided my husband and I for our refinancing when we were having problems getting information from our bank for the same. Your knowledge and understanding of finances helped us to make the right decisions regarding our financial situation and living is now bearable and we can see light at the end of the tunnel after only a few short months, which is certainly not what the bank was helping us to do. We appreciate all th…
S. and J. McKenzie
August 25 2006 – George provided excellent service as our Mortgage Broker, he was friendly, flexible and able to handle what was potentially a problematic situation. He always offered sound advice and had our best interests in mind at all time. I would highly recommend him.
Grant Pennell - Inside Sales Manager
September 26 2007 – We came to you as first time buyers with some consumer debts after our bank gave the running around, seeking mortgage, we got home with far beyond that. Not only had you secured us an approval within 24 hours, you gave us the best rate at the time, and long lasting debt management help that has saved us considerable money and widened our smile; you helped changing our lives to the better.
Walid Bechara & Farah Dbouk
December 22, 2005 – We would recommend George Kaadi and his firm of experts with extremely high regard and confidence to our closest friends and family members. We only wish we had been introduced sooner, as we know George would have helped us to make better decisions about our future financial plans.
Bruce and Joanne H.
September 19 2007 – Based on the information he provided we were able to choose a strategy that was best suited to our situation and constraints. As such, he showed us how to use discipline and pay off our debts to then build and emergency fund and to invest our savings in vehicles I would not have come across talking to my banker. He taught me about tax savings and leveraging existing rules to increase my retirement fund using money the government would have simply kept to himself!
Andras Kovats