Consumer Proposal & Bankruptcy Trustee in Stouffville, Ontario

DEBT RELIEF OPTIONS IN Stouffville, ON

Consumer Proposal

A consumer proposal is a structured and legally binding option for tackling multiple types of debt, including credit card balances, tax arrears, and personal loans.

If debt consolidation isn’t feasible or your liabilities exceed your assets, a consumer proposal might be the right choice. This formal agreement consolidates your debts and often reduces the total amount you owe, providing a clear path to financial recovery.

At Chande Debt Solutions, our Licensed Insolvency Trustees will evaluate your financial situation to determine if a consumer proposal is your ideal option. Once we develop a manageable repayment plan, it will be submitted to your creditors for approval. The proposal becomes legally binding upon acceptance, enabling you to make monthly payments directly to the LIT. After completing the terms of the proposal, any remaining eligible debt is discharged.

Advantages of a Consumer Proposal:

• Elimination of up to 75% of your total debt
• Protection from legal actions, such as wage garnishments and frozen accounts
• Immediate halt to creditor calls and collection efforts
• Retention of all personal assets, including tax refunds
• No additional interest is charged on included debts

It’s important to note that only Licensed Insolvency Trustees, such as those at Chande Debt Solutions, can file a consumer proposal on your behalf.

Debt Consolidation vs. Consumer Proposal

Debt consolidation is a popular debt management tool for many Canadians. It offers certain advantages, such as preserving your credit score when payments are made on time. However, drawbacks include high interest rates on consolidation loans and the challenge of managing multiple credit accounts simultaneously.

By contrast, a consumer proposal impacts your credit score but provides notable benefits, including a debt reduction of up to 75%, protection from legal actions, and an immediate stop to interest on the included debts.

Personal Bankruptcy

Bankruptcy is typically regarded as a final option after considering other alternatives. While it can deliver quick and cost-effective relief from debt, it has a significant impact on your credit rating and may involve the loss of some assets. In some instances, however, bankruptcy may be the most effective way to achieve financial stability.

Comprehensive Debt Help

An effective debt relief solution should not only address your immediate financial difficulties but also reduce your overall stress. Whether dealing with substantial credit card debt, tax arrears, or unaffordable loan payments, a tailored strategy can help you navigate your way to financial recovery.

At Chande Debt Solutions, we provide a detailed assessment of your financial situation, helping you weigh all available options and choose the best path forward. Our Licensed Insolvency Trustees are committed to ensuring you have the knowledge and support you need to make confident decisions about consumer proposals, debt consolidation, or bankruptcy.

Our consultations are free, thorough, and designed to give you the clarity you need.

Contact us today at 416-366-3328 or fill out our easy online form to start your journey toward financial freedom.