In Canada, you are legally allowed to come up with a consumer proposal if you are drowning in debt and meet certain requirements. Under the terms of the proposal, you will pay back a certain amount of the debt and the rest will be discharged, helping you to get out of debt. If you are drowning in debt, you may be thinking about working with a consumer proposal secured debt service. However, you may find yourself wondering if it is worth it. Here are a few of the benefits of working with a consumer proposal service to help you with both your unsecured and secured debts.
A Service Can Make Sure You Meet the Qualifications For Filing a Consumer Proposal
One of the benefits of working with a consumer proposal service is that they can ensure you meet the qualifications needed to file a consumer proposal. There are certain qualifications you must meet, such as being insolvent and being unable to pay off all of your debt on your own. There are also debt limits and different types of debts that do and do not qualify under a consumer proposal. A service can ensure you qualify and understand what the limits are and what types of debt do not qualify.
A Service Can Help Come Up With a Consumer Proposal the Courts Will Approve
Another benefit to working with a consumer proposal service is that they can work with you to come up with a proposal that the courts will approve. They have experience writing these proposals and they know what will and will not be accepted based on the amount of debt you have and your current income level. They can help you pay off as little as possible while ensuring the plan gets approved.
A Service Can Ensure You Understand the Terms and Impact of a Consumer Proposal
The final benefit of working with a consumer proposal service is that they can ensure you understand the terms of the proposal, what is required of you and what the impact of the consumer proposal will be. They can answer any questions you have and ensure you are on the right track to getting your debt discharged.
If you are drowning debt and debt collectors are calling you and threatening you, a consumer proposal can immediately stop their calls and stop all collection efforts. Contact a consumer proposal debt service today to learn whether you qualify for a consumer proposal or whether there is a different debt relief program that may be a better fit for your current situation. Start with a company like Smythe LLP.