relieved woman who is debt free after completing her consumer proposal

Filing a Consumer Proposal in Duncan, BC

A consumer proposal is a legally binding debt relief solution that allows individuals and families to settle their debts for less than the full amount they are owing.

If you’re struggling with debt and you’d like to discuss filing a consumer proposal in Duncan BC, you should always work directly with a licensed insolvency trustee (LIT). An LIT is the only professional who can assist you in filing a consumer proposal in BC. Your trustee will carefully review your financial situation with you and help to develop a proposal that offers your creditors a percentage of what they are owed, significantly reducing the amount of debt you’re owing. A consumer proposal is typically paid over a period of five years.

When the majority of your creditors (representing at least 50% of your total debt) accept the proposal, it becomes binding on all creditors. After your consumer proposal is accepted, you begin making fixed, interest-free payments to your LIT, who distributes the funds to the creditors according to the terms of the proposal.

One of the benefits of a consumer proposal is that it allows you to avoid filing for bankruptcy, which can have a significant impact on your credit score and financial future. Consumer proposals also provide protection from creditor harassment and legal action.

If you are considering a consumer proposal in Duncan BC, it’s important to reach out to a licensed insolvency trustee to fully understand your options. Book your free, no-obligation consultation now so you can ask all your questions, weigh the pros and cons, and ensure you are making the best decision for you and your current financial situation.