KNOW ABOUT THE BEST ALTERNATIVE FOR BANKRUPTCY
As the world wrestles with the pandemic for the last couple of years, the bleeding economy is slowly recovering. The statistics of bankruptcy are alarming all over the world since the beginning of COVID and the dramatic rise of debtors makes many banks shaky. One study about Canadians and their handling of financial difficulties indicates that they normally address their financial issues by getting a loan from family, friends, banks, or selling their property. Once their temporary struggles are resolved, they are more focused on tackling their debt permanently. Why bankruptcy should not be your first choice? People sometimes after filing for bankruptcy, are caught in a situation like “escaped the bear and fell to the lion." Filing for bankruptcy may give the death penalty to your credit score. Bankruptcy can also lead to the loss of luxury possessions if you have any. You have to inform them about your monthly income and you also need to make payments based upon your income. Why Consumer proposal a Life Saver? A Consumer Proposal is a better option than bankruptcy, and it is one of the best ways to get out of debt. If you file a consumer proposal Toronto you will not lose your rights to say no to any questions people throw at you about bankruptcy. Filing a consumer proposal protects you from unpleasant proceedings such as lawsuits and wage garnishment. A consumer proposal will be removed from your credit report three years after you've paid back all the debts according to the proposal. A consumer proposal is a piece of cake when compared to the bankruptcy that allows you to hold all your properties and home and you can extend your monthly payments over five years.