Why file a consumer proposal in Burlington?
If you are living in Burlington, Ontario, and you are struggling with debt repayments, a consumer proposal can help you regain control of your finances by writing off up to 80% of your debt.
It’s a formal agreement between you and your creditors, where you reduce the amount you pay back and consolidate your unsecured debts into one affordable monthly payment with zero interest.
If you are interested in filing a consumer proposal in Burlington or would like some advice, connect with an experienced Licensed Insolvency Trustee today for a free consultation.
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How do Burlington consumer proposals work?
A consumer proposal lets you reduce your debt by repaying your creditors less than you owe, with the rest forgiven. You then make a monthly payment for the terms of your proposal.
Typically, you will only pay back a percentage of your debt. This can sometimes result in a debt reduction of up to 80%.
Interest is frozen, and collection calls, legal action and wage garnishments stop. You can protect all of your assets, and you will not lose your home, car or RRSP. At the end of your proposal, you are debt free.
Once approved, it is legally binding on all your creditors and provides legal protection, which means no more harassing phone calls, letters or wage garnishments.
A proposal is a government debt relief program that must be administered by a Licensed Insolvency Trustee (also known as a bankruptcy trustee), who acts as your consumer proposal administrator and negotiates with creditors on your behalf.
All trustees are licensed and regulated by the Office of the Superintendent of Bankruptcy Canada.
Connect with a qualified and experienced Licensed Insolvency Trustee in your area through our trustee network.
Get debt relief
Free consultation with a Licensed Insolvency Trustee by video, phone or in person.
- Experienced trustees
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- Personalized plan
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It only takes 30 seconds.
What debts can I include in a consumer proposal?
You can include unsecured debts in a consumer proposal, such as credit card debts, personal loans, payday loans, bank overdrafts, utility bills, tax debts and student loans. You must include all your unsecured debts in a consumer proposal.
The benefits of a consumer proposal
Here are the key benefits of a consumer proposal:
- Write off up to 80% of your debts
- Lower your monthly bills
- Stop collection calls
- Stop wage garnishments
- Unfreeze your bank account
- Freeze interest
- Keep your assets
- An alternative to bankruptcy.
How much does a consumer proposal cost?
You pay what you can afford. The amount will never change, even if your income increases. A Licensed Insolvency Trustee’s fees are paid from your consumer proposal at no additional cost to you.
As a bonus, you can pay off a consumer proposal early without penalty charges or interest.
Use our consumer proposal calculator to get an estimate.
Burlington debt relief
We’ve helped thousands of residents in Burlington resolve their debt problems. We can help you choose the best debt solution for you, such as:
Book your free no-obligation consultation today with a qualified and experienced Licensed Insolvency Trustee in Burlington.
Get debt relief
Free consultation with a Licensed Insolvency Trustee by video, phone or in person.
- Experienced trustees
- Local offices
- Personalized plan
- No fees
It only takes 30 seconds.
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