How do consumer proposals work?
Debt Relief Through Consumer Proposals
If you are overcome by your credit card debts and are looking for a way to become debt-free sooner, Hudson & Company is here for you! Providing debt counseling services across the Calgary area, our top priority is to help you gain control of your financial challenges through a consumer proposal.
According to the Canadian Bankruptcy and Insolvency Act (BIA), a consumer proposal modifies the arrangement to pay your creditors that which is owed to them through a formal and legally binding procedure. Once accepted, the consumer proposal provides you with instant safety from debt collectors and ensures that you do not lose your car, home and other assets that would otherwise be in jeopardy.
The Consumer Proposal Process
- You propose a portion of your total debts to be accepted as the full settlement of your obligation to your creditors.
- Your monthly payments are substantially decreased, generally to a lower amount than monthly bankruptcy payments.
- The total payment term does not exceed 5 years.
- The end result is immediate debt relief, avoiding bankruptcy, and reducing your monthly payments to an amount that you can manage.
When you come in for your free consultation at Hudson & Company, our team of debt counselling experts will help you through every step in the process with the patience and professionalism that the situation deserves. We look forward to helping you become debt-free and gain financial freedom!