Guest Commentary by Ian Martin, CA, Consumer Proposal Administrator, Kitchener, Ontario.
I recently met with a couple who wanted to know why a consumer proposal was a good option for them to deal with their debts. You can read more about them in my article on what is a consumer proposal, but here were the top four reasons a proposal made sense for them:
- Give them the same protection from their creditors as bankruptcy – no more collection calls, no wage garnishee
- Allow them to keep their house (and all of their assets)
- Allow them to deal with their debts through one monthly payment that fits their budget
- Fix the amount that they have to pay, unlike the uncertainty of surplus income in bankruptcy
A consumer proposal is not the right option for everyone, but is many cases it is a great alternative to bankruptcy.