When you’re looking for debt solutions, you may find yourself wondering whether you have options, and if there is anyone who can help you create the best plan of action for your finances. While many people think of bankruptcy as the only solution for piling debts, there are alternatives that may be a better choice.
One option is a consumer proposal, a contract between you and your creditors, which distributes your monthly payments into one manageable amount. Consumer proposals are a great way to reduce your debt while taking responsibility for the money you owe.
If you are considering a consumer proposal, there are several things you should know before you determine if this option is right for you. First, you’ll want to sit down with a knowledgeable legal professional who has training and experience dealing with your type of financial situation. They can provide guidance and work as a liaison between you and your creditors to determine the best consumer proposal contract for all parties. Additionally, you’ll need to recognize that with a consumer proposal, your debt is not going away, but will be distributed in such a way that you can make progress on meeting your financial obligations. This form of debt relief can not only help you achieve your financial goals, but also put you on the path to financial stability once more.
A consumer proposal is a federally legislated option for debtors, which allows you to pay your creditors a fair and reasonable settlement and receive the protection of the Federal Courts. At Morgan & Partners Inc., we are well-versed in the terms of consumer proposals, as well as many other debt reduction and financial planning options that can help make your financial burdens easier to bear. We are a licensed, regulated professional body, and our services are comprehensive.
If you would like more information about whether a consumer proposal is right for you or you have questions about insolvency, contact us today to schedule a consultation.