Tag: avoid bankruptcy

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CONSUMER PROPOSAL PROCESS: SETTLE DEBTS AND AVOID BANKRUPTCY#

The consumer proposal process says bankruptcy may not be necessary

This is the story of Mary and Paul, who thought they would have to file bankruptcy, but instead, were able to avail themselves of the consumer proposal process. Mary took a job right out of college but recently she’s had to take a lot of time off to care for her sick husband Paul. With reduced income they are now considering bankruptcy. They went to visit a licensed insolvency trustee. A professional who is licensed by the Office of the Superintendent of Bankruptcy can practise as a licensed insolvency trustee. The trustee told them that the bankruptcy route may not be necessary.

Explaining the consumer proposal process

The trustee recommended a bankruptcy alternative called the consumer proposal. The consumer proposal process is an offer to creditors to pay back a percentage of what is owed over no more than period of up to five years. There are advantages to filing for consumer proposal:

  • you get to keep your possessions;
  • collection calls and lawsuits are stopped;
  • wage garnishment is stopped; and
  • if successful, you will avoid bankruptcy.

Mary and Paul really liked the idea of avoiding bankruptcy. To get things underway, the trustee explains that Mary and Paul must provide a complete list of what they own and what they owe. The trustee will put a consumer proposal process together based on their ability to pay. The proposal will be filed with the Office of the Superintendent of Bankruptcy. This is the federal organization that regulates Licensed Insolvency Trustees.

Once it is filed, Mary and Paul will stop making payments directly to their unsecured creditors. The trustee also explains that after filing the consumer proposal and related documents with the Office of the Superintendent of Bankruptcy, the trustee will then submit the consumer proposal to the couples’ creditors. The creditors will then have 45 days for accepting or rejecting the consumer proposal. If the creditors are unsatisfied with the consumer proposal the trustee may also negotiate so that a consumer proposal acceptable to the creditors which Mary and Paul can afford will be established.

Once the consumer proposal is accepted, Mary and Paul will then be responsible for making periodic payments to the trustee. The trustee will use that money to make a distribution to the creditors. Mary and Paul will also have to attend two counselling sessions to help them. If Mary and Paul make all the required payments and attend the two counselling sessions, then they will be legally released from the debts that were included in the consumer proposal. Mary asked if her and Paul’s credit rating will be affected. The trustee answered yes it will be affected but once the consumer proposal is fully completed, they can start rebuilding their credit.

How can you determine if the consumer proposal process can help you with your debt?

If you’re considering bankruptcy you need the services of a licensed insolvency trustee. Contact Ira Smith Trustee & Receiver Inc. We provide the depth of expertise found in a large company, delivered in an informal setting. We ensure you will receive a high quality and cost effective service.

We will use our combined 50+ years of experience dealing with diverse issues and complex files, to solve your financial problems and provide you with the highest quality of professional service. Take the first step to Starting Over, Starting Now by calling us.

THIS VLOG WAS INSPIRED IN PART BY OUR eBOOK – PERSONAL BANKRUPTCY CANADA: Not because you are a dummy, because you need to get your life back on track

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#VIDEO-ALTERNATIVES TO BANKRUPTCY: DO NOT BE EMBARRASSED TO HAVE THE “B” CHAT#

Introduction of the alternatives to bankruptcy

There are alternatives to bankruptcy. Say the word bankruptcy and people immediately recoil. I don’t know if there is more stigma attached to another word in the English language. In reality bankruptcy is not something to be ashamed of. It should not be avoided at all costs and it’s not a deep dark hole; it can be the light at the end of the tunnel. As with other alternatives to bankruptcy, it is an option. Let’s explore why avoiding bankruptcy can do more harm than good.

Many реорlе аѕѕumе thеrе’ѕ only оnе tуре of bankruptcy. The one that еlіmіnаtеѕ all уоur debts. Thаt’ѕ a BIG rеаѕоn реорlе ѕау things like, “I wоuld never dесlаrе bаnkruрtсу! It just dоеѕn’t seem to be the responsible thing to do. Right?”

What mоѕt реорlе don’t know іѕ that there are TWO tуреѕ of BIA proceedings for іndіvіduаlѕ. One is bankruptcy and the other is an alternative to bankruptcy. The alternative is a (consumer) proposal. The reason you would pick the alternative is to AVOID bankruptcy.

Two tуреѕ of BIA proceedings

Thеѕе two types of BIA proceedings are іntеndеd to асhіеvе very dіffеrеnt goals. Bеfоrе taking асtіоn it is іmроrtаnt to undеrѕtаnd what уоu want to achieve. What you are trying to achieve will determine whісh tуре of BIA proceeding іѕ right fоr you.

Here is a quick ѕummаrу of еасh type of BIA proceeding. We also show how еасh one саn help уоu асhіеvе specific gоаlѕ in your fіnаnсіаl life.

What is bankruptcy?

Bankruptcy is most of the time misunderstood. According to the Office of the Superintendent of Bankruptcy Canada:

“Bankruptcy is a legal process designed to relieve honest but unfortunate debtors of their debts. At the end of the process, the bankrupt is released from the obligation to repay the debts they had when the bankruptcy was filed (with some exceptions)”.

Bankruptcy used to be the mоѕt common type of BIA proceeding fоr consumers. Its lіquіdаtіоn and discharge fеаturеs are dеѕіgnеd to end debts and give уоu a frеѕh ѕtаrt. In the United States it is referred to as “Chapter 7 proceedings”.

(Consumer) Proposal: One of the best alternatives to bankruptcy

The proposal provisions used by companies is “restructuring” or “reorganization”. Individuals with large debts can also use the restructuring provisions. Yet, there was no similar provisions available to small individual debtors in the BIA.

Parliament wished to find a way to provide for people with smaller debts to be able to restructure. A Parliamentary committee consulted with the stakeholders in the Canadian insolvency world. As a result, the consumer proposal legislation came into force in the 1990’s. Now, the consumer proposal provisions are used more than the consumer bankruptcy provisions. Canadians are now able to AVOID bankruptcy while still obtaining the help and counseling of a LIT.

The main use of the (consumer) proposal provisions of the BIA is to:

  1. allow you as a debtor to keep your assets, if you can afford to in your budget;
  2. AVOID bankruptcy, and provide a better alternative to your creditors than a bankruptcy would. You can relieve yourself of your debts, for an amount less than the total face value of all your debts;
  3. If the рауmеnt plan іѕ ѕtruсturеd well, make affordable monthly payments; and
  4. allow for the affordable monthly payments to cut ALL debts.

To meet all your debts in full but уоu can’t afford to ассоmрlіѕh that gоаl, this mау be just the ѕесrеt уоu need to know! In the United States it is called “Chapter 13 proceedings”.

Why avoiding bankruptcy can do more harm than good

There are alternatives to bankruptcy which merit review. But bankruptcy can often be a good thing. A recent report by the Federal Reserve Bank of New York states:

  • People who filed bankruptcy had access to more new lines of credit. Those who limped along in a poor financial state did not;
  • this puts to rest the misconception that filing bankruptcy closes the door to new credit;
  • those who didn’t file bankruptcy are just insolvent;
  • individuals who go bankrupt get a sharp boost in their credit score after bankruptcy;
  • the recovery in credit score is much lower for individuals who do not go bankrupt; and
  • insolvent individuals who do not go bankrupt exhibit more financial stress.

Where to go for information on alternatives to bankruptcy

Are you insolvent and looking for solutions? The Ira Smith Team is here to offer alternatives to bankruptcy and bankruptcy. We offer the help in Vaughan and throughout the GTA.

Our motto is Starting Over, Starting Now! Ira Smith Trustee & Receiver Inc. can help you overcome your financial difficulties. Contact us today.

THIS VLOG WAS INSPIRED IN PART BY OUR eBOOK – PERSONAL BANKRUPTCY CANADA: Not because you are a dummy, because you need to get your life back on track

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Brandon Blog Post

LOAN SCAMS CANADA VIDEO

Haven’t you already written on the loan scams Canada topic?

Yes, we have previously advised you of various loan scams Canada in our previous blogs and vlogs:

  1. CREDIT REPAIR TORONTO: HOW TO USE IT TO NOT RUIN YOUR LIFE
  2. ARE YOU UP ON THE LATEST PHISHING SCAMS? YOU SHOULD BE!
  3. #VIDEO: CRA PHONE SCAM: IF YOU WATCH ONLY 1 VIDEO WATCH THIS ONE! #
  4. CANADA REVENUE AGENCY SCAMS: IF YOU READ ONE ARTICLE, READ THIS ONE
  5. DISASTER RELIEF SCAMS BY THE NUMBERS
  6. VAUGHAN DEBT COUNSELLING ADVISES BEWARE OF TAX SEASON SCAMS
  7. SENIOR FINANCIAL ABUSE; SENIOR CITIZEN MONEY SCAMS
  8. BEWARE OF PHISHING AND SPEAR PHISHING SCAMS

“Will these loan scams Canada continue?

For sure loan scams will continue. One main reason is that Canadians on a per capita basis are in debt at the highest level in all of Canadian history, and one of the highest in the entire world! This is a very lucrative and enticing market for the scammers to perpetrate loan scams Canada!

How can I protect myself against loan scams Canada?

There are three general themes in common with all of the loan scams. If you don’t fall for them, that is the best protection. Here is our list of the three common loan scam Canada themes and how to protect yourself:

  1. Never give money or your credit card information over the telephone or in person to someone you don’t know – even if they sound like they’re from an established organization. Request additional information to be sent to you, review it with friends or family, or simply hang up if the whole thing sounds fishy!
  1. It’s important to know that no bank, store or Canada Revenue Agency will ever ask you for your password via email or telephone, so never respond to these requests. If you receive an email that has a sense of urgency requesting personal information, first contact the purported sender to see if the email is legitimate.
  1. Reputable lenders for personal loans will never ask you to pay an up-front insurance or application fee. Also, reputable lenders will never give you a guarantee that you will receive the loan approval before you provide your information. If the person you are dealing with asks for the up-front fee, or guarantees that no one is ever declined, stop dealing with them.

What to do if you have too much debt and not enough cash

Rather than resorting to high interest rate payday loans or to lenders who charge up-front fees in return for all sorts of promises, talk to a licensed insolvency trustee. Contact us now to obtain a solution, before bankruptcy is your only alternative.

We help individuals and companies throughout the Greater Toronto Area (GTA) facing financial crisis to avoid bankruptcy or bankruptcy, if the problems have been left too long without any corrections that need a plan for Starting Over, Starting Now. The Ira Smith Team brings a cumulative 50+ years of experience dealing with diverse issues and complex files, and we deliver the highest quality of professional service. Don’t worry about debt; instead take immediate action.

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Brandon Blog Post

LICENSED INSOLVENCY TRUSTEE: 12 THINGS THEY MAY NOT TELL YOU!

If you would like a free copy of our eBook:

12 THINGS A LICENSED INSOLVENCY TRUSTEE MAY NOT TELL YOU!

PLEASE CLICK HERE

Why won’t they tell me?

It is not the case that any licensed insolvency trustee purposely won’t tell you everything you need to know. It is just that in all walks of life, some people explain things better than others. Some take more time and care, some are better equipped to explain technical matters in plain English to the layperson and sometimes, like Ira Smith, you might have a senior moment!

So the purpose of this video is to educate the stressed-out person who is facing financial challenges, and who has an appointment to see a licensed insolvency trustee, to give you a checklist of important questions you should ask, so that you walk out of the first meeting with all the information you need to make an educated, informed decision. So, here is our checklist.

12 questions you must ask the Licensed Insolvency Trustee, to get the information you need

  1. Is my first consultation free and how long do I get to meet with the Licensed Insolvency Trustee?
  2. Do you have the necessary qualifications, how many cases like mine have you done before and do you go to Court also or do I have to hire a lawyer to do so?
  3. Is bankruptcy right for me and is it my only option?
  4. Are there other options to avoid bankruptcy?
  5. How much will it cost me?
  6. Will I be dealing with the actual licensee ultimately responsible to the Office of the Superintendent of Bankruptcy for my file or only one of his or her clerks once I enter my insolvency process with you?
  7. How did I feel after meeting the people at their office after my first consultation?
  8. Do you practice exclusively in the bankruptcy/insolvency area?
  9. Do you have experience in only personal insolvency matters, only corporate insolvency matters, or both?
  10. Do you have enough experience and the time to handle my matter?
  11. Will you communicate in a timely manner with me throughout?
  12. So how does this process really work and who do you really work for and what difference does it make?

We hope that you found this checklist useful.

Is this checklist everything the layperson needs to know?

When developing this vlog a while back, we started thinking about all the other things that the honest but unfortunate stressed out person in financial trouble needs to know. We looked around for an appropriate book on Canadian personal insolvency but, we couldn’t find one! We found many resources for lawyers, professional trustees and academics, but nothing for the person in financial trouble. So, we just kept writing and writing, and this ended up in an eBook titled:

 

FREE OFFER FROM IRA SMITH TRUSTEE & RECEIVER INC., A LICENSED INSOLVENCY TRUSTEE

So here is our offer to you. If you would like to receive a complimentary copy of our new eBook which has just been listed on Amazon.com, please subscribe to our blog email list in the form provided on this vlog. We have already sent to all of our subscribers an email with information as to how to get access to their free copy. By clicking on the above link and subscribing to our Brandon’s Blog, you can get one too. No one will ask you for a credit card, PayPal, or any other form of payment. This offer is limited and available only to our blog subscribers as our way of saying thank you.

What should you do if you have too much debt?

Call us today. If you or your company is trapped in high debt, you need the Ira Smith Team to help you manage the situation before it reaches a critical stage where bankruptcy or receivership is your only option. We have been able to help many people and companies carry out successful debt settlement programs or corporate restructuring and turnarounds. It all began with a first consultation. The first step is a realistic cash-flow budget.

We know full well the discomfort and tension excessive debt can create. We can help you to eliminate that pain and address your financial issues supplying timely, realistic and easy to implement action steps in finding the optimal strategy created just for you.

Call Ira Smith Trustee & Receiver Inc. today. Make a free appointment to visit with one of the Ira Smith Team for a totally free, no-obligation assessment. You can be on your path to a carefree life Starting Over, Starting Now. Give us a call today so that we can help you return to an anxiety-free and pain-free life, Starting Over, Starting Now.

Successful completion of such a program will free you from the burden of your financial challenges to go on to live a productive, stress-free, financially sound life, Starting Over, Starting Now.

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DEBT COUNSELING TORONTO SERVICES NEAR ME

A debt settlement company is not debt counseling Toronto

Many реорlе thіnk trying a debt settlement company is all about debt counseling. Many people certainly will choose this bеfоrе they іnvеѕtіgаtе bаnkruрtсу. I’m hеrе to tell you that many of thеѕе companies are not асtіng in уоur best interest.

Many are paid—and in ѕоmе cases mаnаgеd—bу сrеdіt саrd companies.

According to a аrtісlе by fіnаnсіаl guru Dаvе Ramsey:

“Some of the thеѕе ‘counseling’ соmраnіеѕ wіthhоld credit саrd рауmеntѕ untіl the account іѕ thrее to ѕіx mоnthѕ past duе. Then, thеу соntасt the lender and nеgоtіаtе to ѕеttlе the bad debt….That’s hоw thеу get nеgоtіаtеd dіѕсоuntѕ on сrеdіt саrd debt. Card companies don’t ѕеttlе on your debts when уоur рауmеntѕ are on time. These ѕеrvісеѕ are аlwауѕ a bad іdеа, and ѕоmеtіmеѕ thеу’rе a complete ѕсаm.”

Dаvе Rаmѕеу isn’t the only one lееrу of these settlement companies. Gail Vaz-Oxlade writes:

“One of the big drawbacks of ….. debt management company is that they don’t come with any serious advice, so people often fulfill their commitment and then go right back out and rack up their debt again.”

The provincial governments have their own opinion. Most provinces have enacted legislation to try to thwart many of their shady practices. Stay away from debt settlement companies. Don’t be afraid to go to a LIT for a free consultation at the first sign of financial trouble.

Why credit counseling?

If done properly, credit advisory services take a holistic approach. It looks at your specific situation, your family, your personal financial objectives and you a person, not just another money spending machine. It takes all of your needs (as opposed to your desires) into account. It also looks into the future as to where you and your family want to be, in order to provide a clear road map to assist you to achieve your goals.

Does a Licensed Insolvency Trustee perform such services?

If you are experiencing financial problems, do not be afraid to consult with a Licensed Insolvency Trustee. By statute, the Licensed Insolvency Trustee is required to do an assessment of your entire asset and liability situation. If the assessment results in a finding that your best option is to work with a qualified counsellor with ongoing follow up, then you will be referred to an appropriate service and you will stay away from any bankruptcy proceeding.

On the other hand, if the Licensed Insolvency Trustee feels that you won’t be able to settle your debts on your own, but it is still early enough for settling with your creditors as an alternative to bankruptcy, then the Licensed Insolvency Trustee will recommend that you settle your debts (if less than $250,000) through a consumer proposal, or (if your debts are $250,000 or greater) through the other proposal provisions of the Bankruptcy and Insolvency Act (Canada). The earlier you recognize that you have debt problems, the more options there will be available to you to avoid bankruptcy.

The next step

As seen in the video, even people with a good profession and high income can experience a bump in the road. If you’re trapped in high household debt, you need a professional trustee to help you manage the situation before it reaches a critical stage where bankruptcy is your only option.

We have provided debt counseling services to many people. This has led us to help them carry out a successful debt settlement program. It all began with debt counseling. The first step is a realistic household budget. Successful completion of such a program will free you from the burden of your financial challenges to go on to live a productive, stress-free, financially sound life.

If you’re like many Canadians on the brink of a financial crisis, you need the help of a professional trustee today while you have options. The Ira Smith Team can help before disaster strikes. There is a way to manage debt Starting Over, Starting Now. Contact us today.

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CONSUMER PROPOSAL VS BANKRUPTCY – BANKRUPTCY OR CONSUMER PROPOSAL IN CANADA

Consumer proposal vs bankruptcy faqs

We’ve prepared this online video to answer the consumer proposal vs. bankruptcy FAQs that we are normally questioned. This information will hopefully help you understand better exactly what a Consumer Proposal is and how it will also help you clear the money you owe and AVOID individual bankruptcy.

The most asked consumer proposal vs bankruptcy FAQs

Consider some of the advantages of the consumer proposal vs bankruptcy, such as:

  • You keep all of your assets
  • Actions against you by creditors, such as wage garnishments are going to be stopped
  • Unlike informal unsecured debt settlement, the consumer proposal is a forum where all of your creditors must handle your restructuring
  • You don’t need to declare bankruptcy

Additional reasons are:

  1. The opposed bankruptcy discharge process is not quick. Courts are backed up so your bankruptcy discharge hearing may not happen for many months. So think of 4 months or more being added on to the 21 or 36 months you have already spent in bankruptcy.
  2. The discharge hearing is a Court process. Sometimes, for valid reasons, the Court has to adjourn a hearing. What if it takes another 6 months for your discharge hearing to come back up again? You have now been in bankruptcy perhaps for over 4 years at this stage.
  3. If you could restructure by filing and completing a (consumer) proposal, you are not going to get an absolute discharge from the Court. The Court will most likely give you a conditional discharge. This is a discharge where you have to fulfill a condition being the payment of money to your LIT. The repayment will be in the form of monthly payments over a certain period; perhaps 12 months. You are now in bankruptcy, in this example, for close to 5 years.
  4. In a (consumer) proposal, the maximum time period for making the monthly payments that either the statute or your creditors, be prepared to wait is 60 months. However, there is nothing stopping you from paying it off early if you can. Consider the (consumer) proposal as someone giving you an interest-free loan for up to 60 months, and this loan is just a fraction of the total of your debts, and once you pay off this fraction, all of your debts (other than certain ones such as student loans, child support, and alimony) are all eliminated.
  5. In a (consumer) proposal, the self-reporting you need to do with your LIT is significantly less than in a bankruptcy. In a restructuring, all your LIT really cares about is that you don’t miss a payment.
  6. During your bankruptcy, you will have to report your monthly income and expenses to your Licensed Insolvency Trustee (“LIT“). The LIT is required to perform the surplus income calculation again and if your new income means that your surplus income obligation has increased, then you have to make up the difference by paying more surplus income to your LIT to get your discharge from bankruptcy. In a restructuring, the amount you initially agreed to pay that your creditors accepted, is the same amount you pay. There is no monthly reporting of your income to your LIT and no recalibration to an increased amount if your income rises.

If you win a lottery or receive an inheritance while being an undischarged bankrupt, you have to pay that over to your LIT for the benefit of your creditors. If the amount is more than needed to pay your creditors off in full, with interest, then you receive the difference back. In a (consumer) proposal restructuring, if you receive such an amount, good for you. You get to keep it and if you like, you can use part of it to pay off your (consumer) proposal early.

Excessive debt? Get the help you need now!

We hope you enjoy this video about consumer proposal vs bankruptcy. Click on this link to find out more about Consumer Proposals. You can also have many of the questions about bankruptcy answered by exploring our Bankruptcy FAQs link.

Instead of going deeper into debt and just putting your head inside sand like an ostrich, heed the advice of a licensed insolvency trustee and contact us today. Seek the help from a professional trustee, even if you’re definitely not considering bankruptcy at this stage.

We will evaluate your situation and provide help to arrive at the ideal solution for the problems, whether that solution is a bankruptcy alternative similar to credit counselling, consolidating debts or a customer proposal or individual bankruptcy. With immediate action as well as the right plan the Ira Smith Team can solve the financial problems Starting Over, Starting Now. We’re just a phone call away.

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#VIDEO – CONSUMER PROPOSAL FAQS: SECRETS FOR FENDING OFF BANKRUPTCY #

Consumer proposal faqs

We have made this video to answer the Consumer Proposal FAQs that we are normally asked. This information will hopefully help you understand better how it can help you clear your debts and AVOID bankruptcy.

In addition to this video, you can also check out other blogs and vlogs we have written on Proposals:

The most asked FAQs

The most asked of the FAQs is – What are the advantages? The main ones are:

  • You keep all of your assets
  • Actions against you by unsecured creditors, such as wage garnishments will be stopped
  • Unlike informal debt settlement, the proposal process is a forum where all of your creditors must deal with your restructuring
  • You don’t have to declare bankruptcy

Too much debt? Get the help you need now!

We hope you enjoy this video about consumer proposal FAQs. Click on this link to find out more. You can also have many of your questions about personal bankruptcy answered by clicking on our Bankruptcy FAQs link.

Instead of going deeper into debt and just putting your head in the sand like an ostrich, heed the advice of your grey divorce support groups and contact us today. Seek the help from a professional trustee, even if you’re not considering bankruptcy at this stage.

A trustee in bankruptcy will evaluate your situation and help you to arrive at the best possible solution for your problems, whether that solution is a bankruptcy alternative like credit counselling, debt consolidation or a consumer proposal or bankruptcy. With immediate action and the right plan, the Ira Smith Team can solve your financial problems Starting Over, Starting Now. We’re just a phone call away.

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ADVANTAGES OF CONSUMER PROPOSALS VIDEO FOR YOU

Introduction

We have written many blogs on the advantages of consumer proposals, including:

We thought it would be good to now put together a short video on the topic.

The best alternative to personal bankruptcy in Canada

Of the various alternatives to bankruptcy, this government approved debt settlement plan is the one option with the most predictable and certain results for the insolvent person in dealing with their debt. You may have heard a proposal being called other names such as consumer credit proposal, debt proposal or debt settlement.

The main difference is that the only formal legal mechanism to be able to stop your creditors from continuing to harass and sue you is with a formal consumer proposal through a licensed trustee in bankruptcy. Unlike the other options, the consumer proposal is codified in the Canadian Bankruptcy and Insolvency Act which provides the trustee with certain weapons that can be used for your protection.

That is why we say that of all the bankruptcy alternatives, the consumer proposal is the best one. There are many bankruptcy options, but the consumer proposal also allows you to rebuild your credit thereby increasing your credit score.

Keep away from bankruptcy with the advantages of consumer proposals

If you are insolvent and are considering bankruptcy, contact Ira Smith Trustee & Receiver Inc. We offer sound advice, will check all of your bankruptcy options with you and then with you, formulate a solid plan for Starting Over, Starting Now so that you’ll be well on your way to a debt-free life in no time.

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▓ VIDEO: CONSUMER PROPOSAL VS. PERSONAL BANKRUPTCY ▓

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This short video (found at the bottom of this page) explains the differences between a consumer proposal vs. personal bankruptcy. A consumer proposal is a deal to end your debts. A consumer proposal is a legally binding process that is administered by a licensed trustee. Ira Smith Trustee & Receiver Inc. is a Toronto bankruptcy trustee and consumer proposal administrator.

We have written previous blogs about consumer proposals, including:

We offer personal bankruptcy and consumer proposal services, as well as corporate restructuring and corporate receivership and bankruptcy services to residents of the Greater Toronto Area. We explain the differences between a consumer proposal vs. personal bankruptcy. In most cases we can get a consumer proposal done and it usually results in a substantial reduction in the amount you have to repay. The amount you are required to pay when you file a consumer proposal depends on a number of factors as explained in this short video. We hope that you find the short video informative and interesting. If you have any topics about debt, insolvency or finances that you would like us to cover in future videos, please let us know by leaving a comment.

If you are experiencing financial problems, or you know that you are insolvent and are considering a consumer proposal vs. personal bankruptcy, or looking at all of your realistic options, including all alternatives to bankruptcy, contact Ira Smith Trustee & Receiver Inc. We offer sound advice, a free consultation and a solid plan for Starting Over, Starting Now so that you’ll be well on your way to a debt free life in no time.

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CONSUMER PROPOSAL ONTARIO: AVOID BANKRUPTCY AND ELIMINATE DEBT NOW

consumer proposal ontarioConsumer Proposal Ontario. Information for you on a Consumer Proposal and how it can help you clear your debts and AVOID bankruptcy. Watch this 4-minute video explaining the bankruptcy alternative of consumer proposals.

In addition to the video about consumer proposal Ontario, you can also check out two other blogs we have written on consumer proposals: CONSUMER PROPOSALS OR PERSONAL BANKRUPTCY; WHICH IS RIGHT FOR YOU? and Are Consumer Proposals Right for You?

The advantages of a consumer proposal Ontario are:

  • You keep all of your assets
  • Actions against you by unsecured creditors, such as wage garnishments will be stopped
  • Unlike informal debt settlement, the consumer proposal is a forum where all of your creditors must deal with your restructuring
  • You don’t have to declare bankruptcy

We also have more information and you can click on this link to find out more about Consumer Proposals and have many of your questions answered by clicking on our Bankruptcy FAQS link. You can also find out more by clicking on this link – Consumer Proposal Ontario.

 

The reality is that debt is increasing across all demographics and it should not be ignored. Whether their debt originated with student loans, credit card debt or some other issue, it needs to be managed as quickly as possible by a professional trustee. Contact Ira Smith Trustee & Receiver Inc. for professional advice and a solid financial plan so that you can live a debt free life Starting Over, Starting Now.

Call a Trustee Now!