Newfoundland & Labrador
- St. Johns
- Goose Bay
- Mount Peral
- Corner Brook
- Grand Falls
Canadians are choosing to file a consumer proposal over bankruptcy. If you have a good job and steady income filing for bankruptcy means you could be subject to surplus income penalties. For the debtor, a consumer proposal means the individual does not have to give up any of their possessions and pay the same amount every month. We are seeing more consumer proposals filed in Canada because they are beneficial to both the debtor and creditor. If you are an individual dealing with debt in the amount of $15,000.00 to a maximum of $250,000.00 than a consumer proposal may work for you.
With a Debt Management Program, you can consolidate all your bills and outstanding debt into one monthly payment. This program has been successful for debtors in paying off credit cards and bank loans. With the Debt Management Program, you pay back the money you owe by not going further into debt through raised interest rates, late fees in a voluntary arrangement made with your creditors. This is beneficial as most of your payments go towards the principal amount and help pay off your debt faster. You can save thousands in interest as most creditors will agree to wave most or all your interest.
Debt settlement is an alternative to bankruptcy where you work with the creditors to pay a percentage of the total debt owed as a final settlement amount. Even though with this program creditors will settle for less than what is owed it is a better option for them as most debtors behind on their payments can file for bankruptcy and the creditors are left with nothing. The Debt Settlement Program is easy to qualify for and the fastest and cheapest way to get out of debt. To qualify you need to owe at least $10,000 in unsecured debt and will not be required to take out any loans, pass credit checks, or be a homeowner.