Canadians have access to a lesser known debt management strategy: this is called the consumer proposals. Consumer Proposals is especially common in large cities like Toronto, Ontario, where income is high, but debt also tends to be higher than average.
You can navigate to this site to get the best information about consumer proposals in Brampton. The consumer offer is an alternative to bankruptcy and has many advantages. The most important benefit is that your creditors cannot bring you to court, sue you, or collect your salary after your customer offer has been submitted.
Image Source: Google
You get instant protection from your creditors. Automatic protection lasts for 45 days. Protection remains in effect after 45 days if the creditor accepts your proposal. Second, interest on all of your credit cards will be frozen the day you place your consumer proposal.
No additional interest payments are required. Third, most wage arrests stopped immediately. The only exceptions were usually foreclosures for children and spouses. Fourth, consumer proposals tie up most of the country's debt.
Even though you owe Revenue Canada taxes, the proposal can take it into account. After all, consumer bidding is a legally binding process. It is administered by an official government-licensed guardian and controlled by a court so that once a consumer's proposal is accepted, creditors cannot change their mind and ask for more money.
Consumer proposal isn't for everyone. You must have an income to make payments each month. If you are on a low income, personal bankruptcy may be a better option.