#consumer debt proposal

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Everything to Know about Consumer Proposals in Alberta

A consumer proposal in Alberta is a formal contract between you and your creditors that requires you to pay back a smaller portion of you...

Even if you qualify, a consumer proposal might not be your best option given your financial circumstances to manage consumer proposal bankruptcy. The people who would benefit from a consumer proposal are those who have some money set aside each month to pay their creditors, who own the property they don't want to lose in bankruptcy, and whose income would make filing for bankruptcy prohibitively expensive due to the surplus payments necessary.

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Know the FAQs of Consumer Proposal for Debt Work

A consumer proposal is a non-bankruptcy option that allows you to combine your unsecured debt and repay all or part of it in monthly install...

A consumer proposal could be perfect for you if you're drowning in debt and don't know how to get out but don't want to declare bankruptcy. Your debts are negotiated through a Licensed Insolvency Trustee in a consumer proposal - in other words, you have a mediator working for you to secure the best deal while being fair to your creditors with the consumer proposal for debt.

You can decrease your debt payments and pay on a set timetable with a consumer proposal. Your monthly payment will never increase. You'll also most likely maintain your secured assets (house and vehicle), which you may have lost in bankruptcy.