The Consumer Proposal Process | Albert Gelman Inc. | offices in the GTA

The Consumer Proposal Process | Albert Gelman Inc. | offices in the GTA

Albert Gelman Inc. offers free, no-obligation financial consultations. Our licensed Trustees can help you get back on track! Call us today at 416-504-1650 or visit our locations page to find a location that works for you!

consumer proposal allows you to pay back your debt or part of it, by offering an affordable monthly payment to all your unsecured creditors. The plan is based on different factors, including your income, which ensures that it will be affordable. Consumer proposals also allow you to take up to five years to pay back the proposed amount.

Advantages to a Consumer Proposal Process

There are many advantages to choosing to go with a consumer proposal:

  • You can pay off the proposed amount with an affordable fixed monthly payment
  • The interest that you’re accumulating on your debt will freeze
  • In many cases, the total sum of the debt is lowered when a proposal is filed
  • Any collection calls or other methods of enforcement will be stopped
  • You do not have any ongoing reporting obligation, as seen with bankruptcy
  • If you are ever able to, you can pay off your debt with a lump sum at any time

First, you can set up a free consultation with a licensed trustee who will go over your finances and figure out what’s going to work best for you and your family. If we determine that a consumer proposal is not the best option for you, we’ll explore others to ensure you get a solution!

After your consultation, we will work alongside you to come up with an affordable monthly payment to propose to your creditors. We will help you find the sum that will be accepted by your creditors but still be on terms you can live with.

Next, we will file the proposal with your creditors. consumer proposal can only be arranged and filed through a licensed trustee in bankruptcy. Albert Gelman Inc. is very experienced with the filing of consumer proposals.

Once your proposal is accepted by the creditors and the Court, you will begin making the monthly payment that was agreed upon. You will make the payment to Albert Gelman Inc. and as the proposal administrator, we will pay the dividends to your creditors.

At Albert Gelman inc., we’ll be there every step of the way, from the initial consultation right down to the final payment. Whether you need us to walk you through the process, step-by-step, need to have a few questions answered here and there, or simply want to hand the reigns over to us, we’ll be there to support you.

Call us today at 416-504-1650 or visit one of our locations today to learn more about consumer proposals as well as other options. By choosing Albert Gelman Inc., you’re sure to find the best option for you and your family.