The benefits of a consumer proposal are considerable and consumer proposals can be drafted to be as unique as an individual’s circumstances.
The following list identifies some of the benefits of a consumer proposal:
- Helps avoid bankruptcy
- Stops interest on lines of credit, credit cards and more.
- Replaces multiple monthly payments with a single payment
- Permits loan payments to be extended over a longer period of time
- Stops legal action for the collection of debts
- Stops the enforcement of judgments
- Stops harassing collection calls
- Allows an individual to keep their assets
- Stops garnishments
- Permits you to deal with government debts and taxes
- Proposals are a tool to help individuals, who are having financial problems, negotiate a fair payment plan with creditors.