Introduction
We have written many blogs on the advantages of consumer proposals, including:
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We thought it would be good to now put together a short video on the topic.
The best alternative to personal bankruptcy in Canada
Of the various alternatives to bankruptcy, this government approved debt settlement plan is the one option with the most predictable and certain results for the insolvent person in dealing with their debt. You may have heard a proposal being called other names such as consumer credit proposal, debt proposal or debt settlement.
The main difference is that the only formal legal mechanism to be able to stop your creditors from continuing to harass and sue you is with a formal consumer proposal through a licensed trustee in bankruptcy. Unlike the other options, the consumer proposal is codified in the Canadian Bankruptcy and Insolvency Act which provides the trustee with certain weapons that can be used for your protection.
That is why we say that of all the bankruptcy alternatives, the consumer proposal is the best one. There are many bankruptcy options, but the consumer proposal also allows you to rebuild your credit thereby increasing your credit score.
Keep away from bankruptcy with the advantages of consumer proposals
If you are insolvent and are considering bankruptcy, contact Ira Smith Trustee & Receiver Inc. We offer sound advice, will check all of your bankruptcy options with you and then with you, formulate a solid plan for Starting Over, Starting Now so that you’ll be well on your way to a debt-free life in no time.
