- A legal process to make a binding offer to your creditors to settle debts.
- Eliminate a significant portion (up to 70%) of your debts.
- Creditors often accept a significant discounted amount.
- The amount you pay back to creditors depends on the insolvent’s income and his net worth.
- It will be interest free monthly installments (up to 60 months) or a lump sum payment.
To qualify to file a consumer proposal, you must:
- Be insolvent, has more debts than assets.
- Owes to creditors between $1000 to $250,000 unsecured debts.
- It is a legal, proactive, affordable and practical solution to your debt problems.
- A debt settlement is negotiated with creditors.
- No collection, court actions or wage garnishment.
- Keep your assets & avoid bankruptcy.
- Payment to creditors will be interest free affordable monthly installments.
- Debtors will start fresh and healthy financial era of life.
Disadvantages: Poor credit rating on record for 3 years.
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