How does a consumer proposal work?
As people in Toronto struggle with debt, they consider filing for personal bankruptcy. However, they are concerned about whether they lose assets or the consequences that follow. In a few cases, bankruptcy could be the right solution, but experts from DF Credit Solution say debt problems can be solved with a consumer proposal.
The Alternative to Bankruptcy
The consumer proposal Toronto can consolidate your debts and offer to pay the creditors a tiny percentage of what you owe. It is the legal agreement that you make with a licensed insolvency trustee. They have many advantages over bankruptcy: they freeze interest charges, help you keep the assets, and stop legal actions and collection calls made against you. When your proposition is accepted, you can make a low monthly payment to your trustee, who then distributes the funds to your creditors. The monthly payments include expenses, income, assets, and affordability. Propositions are paid for five years at most or paid off at any time.
How to Qualify
Ensure to meet the following conditions:
You must own plenty of your assets in Canada or live or work there.
You should be insolvent, which means your debts can be more than your assets/ unable to keep up with the debt payments when they become due.
Able to make a monthly payment to the creditor.
You owe $1,000 but not more than $250,000, including the mortgage.
When Should I File A Proposal?
When you experience financial challenges and have problems, so your debt is out of your hands, you consider solutions to keep you back on your feet. When you have tried budgeting, looking for credit counselling assistance, or attempting a consolidation loan and do not have a solution for your debt, a consumer proposal Toronto can be the solution. Contact Elankeeran Than Debt Free credit solution
10 Milner, Business court, Suite 334 Toronto, ON M1B 3C6
416-834-7227
info@dfcs.today
https://www.dfcstoday.ca/consumer-proposal/