All week we have discussed ways to avoid bankruptcy. We have discussed working through your problems on your own, getting a debt consolidation loan, doing a debt management plan, and doing a debt settlement. If you can afford these options, stop reading. If not, the final bankruptcy alternative is a consumer proposal.
(NOTE: Consumer proposals are only available to residents of Canada. If you are an American, you could try a Chapter 13 Wage Earner Plan).
In a debt consolidation loan or debt management plan you repay all of your debts in full. In a consumer proposal you repay a portion of your debts based on your ability to pay, often 50% or less of your debts. In a typical consumer proposal you may pay $300 to $500 per month for a period of three to five years. To determine the potential cost of a consumer proposal, try our debt options calculator.
If you have an income, but are unable to repay your debts in full, a consumer proposal may be your best choice to avoid bankruptcy. For further information, contact a consumer proposal administrator today.
