File Consumer Proposals in Toronto

Consumer proposals are an alternative to filing personal bankruptcy. It is a legal agreement that is negotiated with your creditors through an administrator. This type of agreement provides you with immediate protection from debt collectors by arranging a partial repayment of your total debt owed. Start taking action to help your financial situation and call Maria Rickard & Associates to learn more about consumer proposals in Toronto.

WHO CAN FILE A CONSUMER PROPOSAL?

In order to file a Consumer Proposal, you must:

• Owe at least $1000.00
• Have debts less than $250,000, and that excludes any mortgage on a property

STAY OF PROCEEDINGS

The filing of a consumer proposal halts all garnishments, lawsuits, or Court proceedings initiated or that may be initiated.

DISCHARGE

Upon the completion of a consumer proposal, you will receive a Certificate of Full Performance. A consumer proposal cannot be longer than 60 months or 5 years.

Credit Bureau: Upon completion of a Consumer Proposal, the information remains on the credit bureau for three years.

TYPES OF PROPOSALS

The two most common types of proposals are payments over a period of time and a lump-sum proposal that is usually offered by a third party. Since a proposal is a settlement offer, it can be individually designed.

DUTIES

• Attend two counselling sessions
• Keep the trustee advised of any change of address
• Make the required monthly payment by the end of each month. The form and time of the payment is up to you

A consumer proposal can be a great alternative to filing personal bankruptcy, but you still need the help of a professional to get this completed and get you back on track to a better financial future. If you are facing the calls of creditors and debt collectors, contact Maria Rickard & Associates to learn about consumer proposals in Toronto.