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Published on Feb 4, 2014
We understand why you're worried. You have debt, but you may also have assets you wish to keep and the idea of filing for bankruptcy is terrifying. You're thinking about long-term financial impacts and wondering how to avoid them. If this sounds like you, a Consumer Proposal may be just the Life-Changing Debt Solution you're looking for.
- At MNP, we believe knowing all of your options about debt is key to helping find the best solution for you. One of those options may be a consumer proposal. - So what is a consumer proposal? It’s a legislative arrangement between you and your creditors. The agreement outlines that you will pay all or part of your debt at a reduced rate within a defined timeline. - The amount you pay is largely based on your own income ad what you own. It allows you to keep assets by making monthly payments that you can afford. - Also, consumer proposals do not affect your credit rating as much as bankruptcies. - The first step in considering a consumer proposal is to meet with a licensed Trustee. Your advisor will help you figure out how much you can afford to offer creditors in a repayment plan. Once you have agreed upon this plan, your advisor will submit your proposal. As soon as a consumer proposal is filed, most actions against you will stop. This includes collection calls, garnishments and legal action. Interest also stops accruing. - Creditors will have 45 days to respond in writing to whether or not they will accept your proposal. Because of the experience of you advisor, most proposals are accepted as filed. Once your payments are completed, you will receive a Certificate of Full Discharge. This is the part where you are legally discharged from you debt. - We’ll ensure that you are offering a proposal to you creditors that has the best chance of being successful for everyone.