What are the benefits of a consumer proposal?

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.

About Author

Mark Marshall BBA, C.I.R.P, L.I.T

Mark Marshall BBA, C.I.R.P, L.I.T

Mark has been working in the Insolvency field since graduating from the University of New Brunswick with a degree in Business Administration (BBA). In 2012 Mark received his Chartered Insolvency & Restructuring Professional (CIRP) designation and attained his license as a Licensed Insolvency Trustee (LIT) in 2013.