a happy and debt free couple after filing a consumer proposal

Filing a Consumer Proposal in Courtenay, BC

Consumer proposals are a legal debt relief option available to Canadians who are struggling to repay their debts.

Consumer proposals are a popular debt management solution that can help individuals eliminate their debt and get their finances back on track.

A consumer proposal is a formal agreement between you and your creditors, in which you propose to repay a portion of your outstanding debts over a period of time, typically up to five years. The proposal is made through a licensed insolvency trustee (LIT), who will work with you to develop a repayment plan that is affordable and sustainable with your current budget.

If you’re struggling with your debt, you can work with a local LIT in Courtenay, BC to create a proposal that is tailored to your unique financial situation. The insolvency trustee will help you determine how much you can reasonably afford to repay each month, and will negotiate with your creditors on your behalf to reach an agreement.

When your creditors accept the proposal, you will be required to make a fixed monthly payment to your LIT, who will distribute the funds to the creditors according to the terms of the proposal. Interest charges will be frozen, and creditors will be prohibited from taking any legal action against you.

Consumer proposals can be a good option for individuals who are unable to repay their debts in full, but want to avoid filing for bankruptcy in BC. They can help to reduce the overall amount of debt owed, and can provide a clear path towards financial stability.

If you are considering a consumer proposal in Courtenay, BC, it is important to work with a licensed insolvency trustee who can guide you through the process and help you make informed decisions about your finances.