Debt Free Life

What is a Consumer Proposal and how can it help me with debt?

May 12, 2021 Richard Sklar Season 1 Episode 5
Debt Free Life
What is a Consumer Proposal and how can it help me with debt?
Chapters
Debt Free Life
What is a Consumer Proposal and how can it help me with debt?
May 12, 2021 Season 1 Episode 5
Richard Sklar

Many people struggling with debt in Ontario have considered filing for personal bankruptcy but are concerned about losing their assets and the consequences that follow. In some cases, bankruptcy is the right solution, however, most debt problems can be solved with a Consumer Proposal, the #1 alternative to bankruptcy. 

A Consumer Proposal is a way of consolidating all your debts and offering to pay your creditors a smaller percentage of what you owe them. It’s a legal agreement you make with the help of a Licensed Insolvency Trustee and is a federally regulated program. It also has several advantages over a bankruptcy, whereby you get to keep all your assets, freezes interest charges, stops collection calls, and stops any legal actions made against you. Once your consumer proposal is accepted you will make one low monthly payment to your Licensed Insolvency Trustee, who will then distribute the funds to all your creditors.

Listen in and find out why a Consumer Proposal is the #1 alternative to bankruptcy.

Related Links:

What is a Consumer Proposal?
https://davidsklar.com/blog/what-is-a-consumer-proposal/

Consumer Proposal or Bankruptcy? What Is the Best Choice for You:
https://davidsklar.com/blog/consumer-proposal-or-bankruptcy-what-is-the-best-choice-for-you/

The Role of a Consumer Proposal Administrator:
https://davidsklar.com/blog/the-role-of-a-consumer-proposal-administrator/

Show Notes

Many people struggling with debt in Ontario have considered filing for personal bankruptcy but are concerned about losing their assets and the consequences that follow. In some cases, bankruptcy is the right solution, however, most debt problems can be solved with a Consumer Proposal, the #1 alternative to bankruptcy. 

A Consumer Proposal is a way of consolidating all your debts and offering to pay your creditors a smaller percentage of what you owe them. It’s a legal agreement you make with the help of a Licensed Insolvency Trustee and is a federally regulated program. It also has several advantages over a bankruptcy, whereby you get to keep all your assets, freezes interest charges, stops collection calls, and stops any legal actions made against you. Once your consumer proposal is accepted you will make one low monthly payment to your Licensed Insolvency Trustee, who will then distribute the funds to all your creditors.

Listen in and find out why a Consumer Proposal is the #1 alternative to bankruptcy.

Related Links:

What is a Consumer Proposal?
https://davidsklar.com/blog/what-is-a-consumer-proposal/

Consumer Proposal or Bankruptcy? What Is the Best Choice for You:
https://davidsklar.com/blog/consumer-proposal-or-bankruptcy-what-is-the-best-choice-for-you/

The Role of a Consumer Proposal Administrator:
https://davidsklar.com/blog/the-role-of-a-consumer-proposal-administrator/