Consumer Proposal Filing in New Westminster
Consumer Proposal is a debt management solution, designed for people who have a stable income or have a third party to provide a loan, can pay some off their debts, but need a certain length of time to do so.
Details About Consumer Proposals
Consumer Proposal vs Debt Management Plan:
A consumer proposal is legally binding and administered by the courts and a licensed insolvency trustee.
Advantages and Disadvantages of Consumer Proposals
- A maximum period of five years
- Required acceptance by your creditors
- Interest is frozen from the date that you file the proposal
- Negotiate to repay only a portion of the debt
- Wage garnishments are stopped immediately
- Your creditors are “stayed” and cannot take legal action against you
Advice About Consumer Proposals
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