If you’re struggling with your finances, you are not alone. Many people have an ongoing problem with debt, especially since it can sneak up on you when you least expect it. One day you’re behind on one bill and the next day you’re months behind on several bills and your finances are spiraling out of control.
What is a Consumer Proposal?
A consumer proposal is a deal that you make with your creditors to settle your debt. Usually the total that you pay under the settlement will be an amount that’s less than the total that you owe to your creditors. Typically the deal that you make will involve making monthly payments over time (max 5 years) to the Proposal Administrator but its more manageable as the payment is affordable, tailored to your budget and only once per month.
Is a Consumer Proposal My Best Option?
A consumer proposal is a good option if you have income. Individuals prefer a consumer proposal rather than bankruptcy because they are able to keep all of their assets. This isn’t always the case with bankruptcy.
That being said, the only way to truly understand all of your options is to sit down with a licensed trustee in bankruptcy. Albert Gelman Inc. has a group of licensed trustees and convenient locations across the GTA that would be pleased to meet with you in person. No upfront charge, no obligation. We can review your financial situation and come up with a plan that’s completely tailored to you.
It’s also important to note that you cannot that a Consumer Proposal can only be filed by a licensed Trustee in Bankruptcy.
How Does the Process Work?
First, you’ll need to set up a meeting with one of our trustees. You can call or visit us at one of our locations today.
Next, we’ll review your financial situation in detail. If we believe that a consumer proposal is a good option for you, we will formulate the offer and recommend acceptance by your creditors.
We will submit the Proposal to your creditors and once its accepted, all you are responsible for is making the agreed upon monthly payment.
The Trustee’s at Albert Gelman Inc. can help you make a decision that’s is affordable for you. We will tailor based on your specific financial situation. We have an amazing success rate for consumer proposals that are filed in Toronto and the GTA. To get started on a plan to get rid of your debt, call Albert Gelman Inc. today at 416-50-416-50 (416-504-1650).