Consumer Proposal in Edmonton
The Advantages & Disadvantages of Filing a Consumer Proposal in Alberta
Are bill collectors knocking down your door to pay them back? Have you been hit with some misfortune or have poor money management skills? Have you entered into financial difficulty and do not know how you can make your past-due or future payments? Are you considering filing for bankruptcy or a consumer proposal in Alberta?
When you do not have the money to pay your debts, you must contact the experienced professionals at Bankruptcy Canada for assistance and advice. They can explain your options and help you formulate a plan of action to get out of debt fast. Meanwhile, here’s some helpful information on the advantages and disadvantages of filing for a consumer proposal in Edmonton, or wherever you may be based in Canada:
Pros and Cons of Filing for a Consumer Proposal
A consumer proposal is a negotiated debt settlement that allows debtors to avoid bankruptcy, keep their assets, has low monthly payments, and has a relatively lesser impact on their credit rating, compared to bankruptcy.
However, it’s not without its pitfalls. One example is the inability to file for another proposal if 3 payments are missed, it’s publicly reported, and it negatively impacts your credit score for approximately 6-7 years, albeit not as severely as it does in the case of a bankruptcy filing. Most importantly, your creditor may not accept your proposal. Furthermore, it may take longer to complete a consumer proposal than it takes for bankruptcy. This is because the monthly payments are low and hence may spread over a long period.
Every situation is different. For some of our clients looking for a debt solution, declaring bankruptcy in Edmonton is an ideal solution. For others filing a consumer proposal is a better remedy. Whatever your situation, there is a way out. With a free and confidential consultation, we will discuss your personal circumstances by answering your questions while laying out a debt solution in Edmonton and other locations in Canada.
By collaborating with the Licensed Insolvency Trustees Edmonton South, we can find a solution that fits your needs and situation and help you implement it as best as possible so you can get out of debt today. Bankruptcy should only be taken as a last resort as there are many options we can help you with before engaging in that process.
Connect with a Licensed Insolvency/ Bankruptcy Trustee in Edmonton
Consumer insolvencies reached the second-highest level in 2019, with approximately 375 Canadians filing for bankruptcy or a consumer proposal each day, according to the Office of the Superintendent of Bankruptcy. Statistics indicate that debt is beginning to pile up faster than economic growth. Canadians are now much more vulnerable to financial troubles than ever before. In such a situation, it’s best to seek guidance from a licensed insolvency/bankruptcy trustee in Edmonton and other locations in Canada.
If you’re looking for a debt solution in Edmonton, our team of trusted Bankruptcy Edmonton South Trustees are here to help you. The red tape behind financial difficulties and not knowing where to turn for help can be extremely overwhelming. However, bankruptcy in Edmonton may not be the best solution to your financial problems. Luckily, there may be one or many ways out of financial debt. There is still hope for you to get back on track.
At Goth & Company Ltd., we are bankruptcy professionals who have assisted thousands of individuals with stopping the debt cycle immediately. With more Canadians entering debt than ever before, we realize the strenuous nature of the financial crisis and are committed to helping you start over. It’s time to meet with one of our bankruptcy trustee/consumer proposal trustees in Edmonton. You can start by filling out a free consultation form on the side of this page.
Find Our Offices on 104th Street, Edmonton
Please use the map below to find our Edmonton office or call 1-(877) 554-2055.