Bankruptcy or Consumer Proposal
Dear Trustee,
I have had financial difficulties for the past two years. I have tried to earn extra income, cut expenses and sell items from my home that have some value. However, I have had several incidents in the past 3 months that have forced me to consider my options. I have also noticed that there are many commercials talking about the benefits of a Consumer Proposal. What are the differences between filing for Bankruptcy and filing for a Consumer Proposal? Will it cost me to talk to a Trustee? Do I need to make an appointment? Can I have this conversation on the telephone? Thanks PB
Dear PB,
Thank you for your message. Yes, you have options and it is best to talk to a trustee. A Consumer Proposal is a legal process that is organized and filed by a trustee in bankruptcy. A proposal is essentially an offer to pay a percentage of your debt to your creditors. There is a chance that after your trustee submits the proposal, your proposal will not be accepted. If this happens, you have the option to either make changes to the original proposal or declare bankruptcy. It is important to know that once you file a Consumer Proposal, you are assigned the lowest credit score. In time, you will be able to work towards improving your score and your trustee will give you tips on how to accomplish this process. It is best to call and make an appointment and we can discuss your situation and needs over the phone. We hope to hear from you so we can help you with the first steps you need to take to improve your financial situation.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.