Advantages of Consumer Proposal
Opting for consumer proposal can have the following benefits:
How the Consumer Proposal Works
The consumer proposal is very flexible and can be based around your financial situations. A proposal will be in the form of an offer to pay your creditors a percentage of what is owed to them, a request to extend the time you have to pay your debts, or both. If your proposal is accepted by your creditors, the OSB or any interested party will have 15 days to ask the LIT to apply to Court to have the proposal reviewed. If no request is made, the proposal will be regarded as accepted by the Court. Once the terms of your proposal have been fulfilled, you will be issued a Certificate of Full Performance, and you will be legally released from the debts included in your proposal.
To find out if a Consumer Proposal is the right choice for you, please contact one of the professionals at Crowe MacKay & Company. We will evaluate your financial situation and explain the pros and cons of the various options available that could help you solve your financial problems. We are here to help.