Consumer Proposal & Bankruptcy Trustee in Caledon, ON

DEBT RELIEF OPTIONS IN Caledon, ON

Consumer Proposal

A consumer proposal can be an effective solution if you face challenges with credit card debt, tax obligations, or personal loans.

This formal agreement between you and your creditors consolidates your debt into a manageable repayment plan while significantly reducing the total amount you owe. A consumer proposal is an excellent option if you are unable to meet your financial obligations, do not qualify for debt consolidation, or have debts that exceed the value of your assets.

At Chande Debt Solutions, our Licensed Insolvency Trustees (LIT) will evaluate your financial circumstances to determine if a consumer proposal is the right fit for you. Once agreed upon, we’ll design an affordable repayment plan and present it to your creditors for approval. The proposal becomes legally binding upon acceptance, allowing you to make regular payments to your LIT. After fulfilling all terms, any remaining debt is officially discharged.

Key benefits of a consumer proposal include:

• Elimination of up to 75% of your debt
• Protection from legal actions like wage garnishments and frozen accounts
• An end to collection calls
• Retention of assets, including tax refunds
• No additional interest on the debts included in the proposal

Only Licensed Insolvency Trustees, such as those at Chande Debt Solutions, are authorized to administer consumer proposals.

Debt Consolidation vs. Consumer Proposal

Debt consolidation is a common strategy for managing multiple debts, offering the advantage of simplified payments without negatively impacting your credit score, provided payments are made on time. However, this option often comes with high interest rates on consolidation loans and the risk of maintaining other high-interest accounts.

On the other hand, while a consumer proposal impacts your credit score, it provides substantial benefits, including a potential 75% reduction in debt, legal protection from creditors, and a halt to accumulating interest on eligible debts.

Personal Bankruptcy

As a last resort option, personal bankruptcy offers a direct and affordable way to eliminate overwhelming debt. While it significantly affects your credit score and may involve the forfeiture of certain assets, it can sometimes be the most viable solution for achieving financial recovery.

Debt Assistance in Caledon

Effective debt relief aims to reduce financial stress and provide a clear path to recovery, not merely restructure existing debts. Whether you’re overwhelmed by credit card or tax debts or struggling with payments on personal or student loans, a customized approach can help meet your unique financial situation.

At Chande Debt Solutions, our experienced Licensed Insolvency Trustees conduct thorough assessments to identify the best options for your circumstances. Whether you’re exploring a consumer proposal, debt consolidation, or bankruptcy, we’re committed to helping you make well-informed choices.

Schedule your free consultation today by calling 416-366-3328 or completing our convenient online form. Let Chande Debt Solutions be your partner on the road to financial recovery in Caledon, Ontario!