Consumer Proposal:

• 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.

Eligibility:

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.

Advantages:

• 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.