Guest commentary by Joel Sandwith, Client Service Specialist, London, Ontario
Hope is a word I hear a lot in our office here in London, Ontario. I’ve been working in credit counselling, and now in consumer proposals and personal bankruptcies for almost ten years, and have met with 5,000 or more people. Everyone’s situation is different, but one common thread is hope.
For many, they have had hopes that have been dashed, but most are able to maintain a level of hope, that they can rebuild financially, and in other ways. While it’s true that a personal bankruptcy can often be the best way to a fresh start, there is an alternative. A consumer proposal offers a hope – an opportunity to avoid bankruptcy while getting some relief from your debt.
For many people the advantages of a consumer proposal are:
- Ability to make arrangements to repay a portion of your debt, instead of the whole amount
- Protection of your assets – the vast majority of proposals are designed for you to keep your home, cars, etc
- Knowledge that you’ve paid back a reasonable amount of your debt – with your creditors agreement.
- Avoiding some of the problems of bankruptcy, such as penalties for higher income, credit rating, loss of tax refund
In summary, a consumer proposal provides hope, that your budget can make sense again, that your phone will stop ringing, that you can move on and rebuild.