Why Should a Consumer Proposal Be Filed?


Posted June 2, 2022 by debtfreebc

One of the crucial advantages of a consumer proposal in Kelowna is the protection of your assets.
 
A consumer proposal in Kelowna is designed to assist you in getting out of debt faster by negotiating with your creditors to repay less than you owe. The only government-approved debt settlement program in Canada is a consumer proposal in Kelowna.

While Consumer proposal in Kelowna has advantages and disadvantages, they account for 75% of insolvencies in Ontario, and 70% of Canadians prefer consumer proposals to bankruptcy as a debt relief option. For a good reason, a consumer proposal in Kelowna is the most popular bankruptcy alternative.

Consumer Proposals' Top Benefits:

A consumer proposal Kelowna has several key advantages over other debt relief programs for those who qualify:

It's a negotiated debt settlement plan that can cut your debts by up to 70%.
Only a portion of your total debts is repaid.
You make a single, manageable monthly payment.
When you file, your interest is frozen, and you keep all of your assets, including your car and home equity.
It binds all of your creditors if the majority agrees. The payment terms remain unchanged even if your financial situation improves.
All creditor actions are halted, such as collection calls, lawsuits, and garnishments.
You'll have a more balanced budget and be debt-free in three to five years.
You stay out of bankruptcy.

Conclusion:

One of the crucial advantages of a consumer proposal in Kelowna is the protection of your assets. You keep all assets in a proposal, including tax refunds, investments, and home equity.

You must surrender all non-exempt assets if you declare bankruptcy. For homeowners with high credit card balances and other unsecured debts, a consumer proposal in Kelowna is a viable debt consolidation option.

To know more about Commercial Proposal in Kelowna please visit our website: debtfreebc.ca
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Contact Email [email protected]
Issued By Mike Wright & Associates Inc.
Phone 877-283-7160
Business Address 1080 Harvey Ave, Kelowna, BC, V1Y 8S4
https://www.debtfreebc.ca/consumer-proposal/
Country Canada
Categories Business , Finance , Legal
Tags consumer proposal kelowna
Last Updated June 2, 2022