Best Financial Advisors in Markham, ON

What are the advantages of a consumer proposal? If you are in need of an alternative to declaring personal bankruptcy, you can file a consumer proposal. A consumer proposal is an agreement with creditors and a resolution under the Bankruptcy and Insolvency Act, outlining a payment plan including total to pay and the number of payments. So why file a consumer proposal? 1. Avoid bankruptcy - consumer proposals can offer a safe way to avoid filing for bankruptcy. 2. Manageable payments and reduced debt - through a consumer proposal, you agree to a manageable payment package and can dramatically reduce how much of the actual debt you pay back – sometimes by up to 70%. 3. Fixed payments - while through a bankruptcy, the more you earn the more you have to pay back, a consumer proposal involves fixed-price repayments, so you pay back the same amount each month regardless of whether your earning potential increases. 4. Maintain ownership of all your assets - unlike with a bankruptcy, your assets are protected, including investments and equity in your home. This is one of the biggest benefits of a consumer proposal. Contact us today to find out how much you could save by filing a consumer proposal, or visit our office in our Markham head office.