If you have two much debt, and are just making the minimum payments, you may be looking at years of debt. You need to find another solution. But you want to avoid bankruptcy. What can you do?
For many people, a consumer proposal will be the right solution.
In a consumer proposal you make one monthly payment, and that payment is distributed to all of your creditors. The payment is affordable, and in most cases it’s a much better option than declaring bankruptcy in Canada. A consumer proposal is a debt relief program administered by a trustee in bankruptcy through the Bankruptcy and Insolvency Act. After filing a debt proposal with a trustee you will know within a matter of 45 days of filing your proposal whether or not your creditors will accept your offer. It’s that fast.
To find out if a consumer proposal can help you eliminate your debts, contact an expert, licensed, consumer proposal administrator for a free initial consultation.