How a Consumer Proposal leads to a less stressed life

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How a Consumer Proposal leads to a less stressed life

A Consumer Proposal is a formal arrangement that is negotiated between an individual (the debtor) and their creditors, to settle outstanding debt obligations.

Consumer Proposals

A consumer proposal can only be arranged by a government licensed bankruptcy trustee. At D. Thode & Associates Inc. we pride ourselves on providing personalized service. You will deal with a small, dedicated and experienced group of staff who will guide you through the process.

A Consumer Proposal is a payment of a dollar value over time to be divided equally to one’s creditors. For example, the debtor may agree to pay $300 for 5 years as full satisfaction of their debts. The amount required differs depending on the debtor’s financial situation, but usually 20-40% of the total debt load is paid in order to fulfill the obligations of the agreement. It should be noted, however, that all parties have to agree to the terms of the Proposal, and as such the amount of repayment that is accepted by creditors can vary widely.

How can a Consumer Proposal reduce my stress?

• A Consumer Proposal allows you to retain your assets for your own use and enjoyment.

• Puts an end to collection calls and demands for payment and helps you to rebuild your financial future.

• Your Credit Bureau rating will not be as adversely affected as in a bankruptcy scenario. It is possible to obtain a secured credit card or secured car loan during the course of the proposal process.

• The procedure is significantly less complicated than a bankruptcy. Under a proposal, there are no monthly reporting requirements, whereas those who elect to file for bankruptcy are required to make monthly reports to their Licensed Insolvency Trustee in order to comply with their obligations and obtain a discharge.

Out of Debt, D. Thode and Associates Inc

Am I Eligible to Make a Consumer Proposal?

Any individual who is bankrupt or insolvent and whose debts, excluding a mortgage on the debtor’s principal residence, are not more than $250,000, is eligible to make a Consumer Proposal.

How Long Does It Take to File a Proposal?

There are several factors to consider. Gathering the relevant information is the lengthiest part of the process and arranging an independent evaluation to establish the value of a home or property, if required. Once the application has been completed, a Licensed Insolvency Trustee can prepare and file the documents almost immediately.

D. Thode & Associates Inc. Out of Debt

To talk to one of our Licensed Insolvency Trustees or Proposal Administrators at D. Thode & Associates Inc,

Fill out the attached form and we will set up a free consultation.

Office Locations & Service Areas

BC Interior - Kelowna, Kamloops, Penticton

Lower Mainland - Vancouver, Burnaby, Surrey, Chilliwack