A Consumer Proposal is a powerful mechanism available to insolvent individuals in need of creditor protection and debt reduction. A Consumer Proposal is a formal, legally binding process which must be filed through a Licensed Insolvency Trustee. While a Consumer Proposal offers many advantages to indebted individuals looking for alternatives to bankruptcy, a Proposal has some disadvantages that must be taken into consideration.
Following is a table of Consumer Proposal "pros" and the associated "cons":
This is the third of five blogs I wrote for MNP Debt's Series on Consumer Proposals. The first and second blogs in the series can be found here.
Lana Gilbertson is a Licensed Insolvency Trustee serving the Vancouver region. To learn more about Lana can help, send an email to email@example.com or call her direct at 604-637-1599.