A Consumer Proposal is an alternative to bankruptcy that might work for you. It is a formal arrangement with your creditors. Your unsecured creditors are legally stopped from making any further collection efforts against you and you make no further payments to them. Instead you will make payments to us and then we distribute the money to your creditors. Under most Consumer Proposals you typically will pay less than the total amount of the debts that you owe, for example if your total unsecured creditors are $100,000 you might only have to pay approximately $25,000.
How Repayment Works for Consumer Proposals
Your creditors will vote to indicate whether or not they agree to accept what you are offering them. In most Proposals the amount you have to pay is made in monthly payments to us over an agreed upon period of time that is no longer than 5 years. However you can make a lump sum payment or a combination of a lump sum payment and monthly payments. We will discuss all the possibilities with you when you meet with us.
Do you want to explore the possibility of making a Consumer Proposal? We can help you with a consumer proposal if:
A properly structured, negotiated and creditor-accepted Consumer Proposal will offer numerous advantages, including:
Grant Thornton Limited will work with you to draft the best possible Proposal to present to your creditors. A Consumer Proposal could be your first step toward financial freedom.
Please contact us at one of our four Vancouver Island locations to make an appointment for a free initial consultation.