Filing a Consumer Proposals in Burnaby
Consumer proposals are a form of debt relief available to Canadians who are struggling with unmanageable debt. In Burnaby, BC and elsewhere in Canada, consumer proposals are federally regulated debt relief solutions and can only be administered by licensed insolvency trustees.
A consumer proposal is a legally binding agreement between you and your creditors, and is a very popular alternative to filing for bankruptcy in BC. It involves you, with the help of a Licensed Insolvency Trustee, making an offer to your creditors to pay a portion of your debts over a set period of time, usually up to five years. The offer is made through your Licensed Insolvency Trustee, and they act as a mediator between you and your creditors. The Trustee ensures the negotiated debt repayment amount is reasonable and will fit within your budget.
When your creditors accept the proposal, you will make the agreed-upon payments to your trustee, who then distributes the funds to your creditors. Once the payments are complete, you are released from your remaining debt obligations and you can move forward with your debt-free future.
One of the benefits of a consumer proposal is that it allows you to avoid bankruptcy, which can have serious long-term consequences. It also allows you to retain your assets, such as your home and car, as long as you can continue to make the required payments.
Consumer proposals are a great option for people who are struggling with debt and want to avoid filing for bankruptcy in BC. If you are considering a consumer proposal and you live in Burnaby, it is important to speak to a licensed insolvency trustee in your community. They can provide you with guidance and advice based on your individual circumstances and help you eliminate your debt.
Our office in Burnaby, BC is conveniently located in the Lake City Business Centre at 501 – 3292 Production Way at the Skytrain station. Our Burnaby office is open by appointment only, but you can book a free online debt consultation with one of our experienced Debt Advisors to discuss your debt relief options at any time.