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.