Filing for bankruptcy may seem like your last resort but it is not always the best option. Consumer proposals conversely seem a more suitable alternative. In order to understand why it is a better alternative, continue reading to find out how consumer proposals apply to your personal status quo.
Paying off your hard earned money
When filing for bankruptcy there are set rules delegated by the Federal government as to whatfixed amount you can earn as income before you have to start paying off creditors with that hard earned money as a penalty.
A consumer proposal on the other hand, has no such legal binding and also comes with ease of small monthly payments over longer periods.
The first question on everyone’s mind is, “if I consider debt relief, will I able to keep my house?” This question can only be answered by your trustee who after thorough analysis decides how much equity you have on your home. The analysis looks at the realistic value of the house, outstanding mortgage and other property tax charges. Then expected selling expenses such as of lawyers, real-estate agents commission is deducted and the final equity on the house is estimated. Although the creditors will not force you to sell your house, they would still demand to be paid. This means you need to come up with money you obviously don’t have to pay off your debts.
In such a case, filing a consumer proposal is ideal since it provide a good solution to pay monthly payments out of your equity to the creditors.
Gambling or Other Addictions
You will not be eligible to an automatic discharge if the debts were the result of addictions such as gambling. This means unlike other bankruptcies this will not end automatically. Not only will you have to present your case before the judge and prove that you have taken remedial steps to overcome this addictions but also some additional penalty will be imposed on you to repay a portion of the debt.
Consumer proposal saves all the hassles of court. A consumer proposal acceptable by your creditors will ensure some certainty of the payments you will have to make monthly.

Prior Bankruptcy
Any previous bankruptcies filed will have different consequences. “If this is your first bankruptcy you are entitled to an automatic discharge after a period of nine months. If this is your second bankruptcy, the period is extended to 24 months (two years) and vice versa.
In case you had already filed for bankruptcy and looking for a debt relief, filing a consumer proposal is your best option. Monthly payments are usually smaller and can last up to 5 years with the option to pay it off faster if you have the right financials.
If you are facing one of the explained situations, your professional adviser or credit counsellor will surely suggest you and advice you to opt for filing a consumer proposal.

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52 comments on “Consumer Proposals: When are they Suitable?”

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