Burton, Dey & Associates Ltd. - Trustee in Bankruptcy
Bankruptcy Trustee, Credit Counselling, personal bankruptcy
Consumer Proposals are a great way for someone suffering financial stress to get a fresh start.
A consumer proposal is an arrangement that you make through a licensed Trustee in Bankruptcy, with your creditors, to pay a portion - often a small portion - of what you owe.
A consumer proposal is similar to a bankruptcy in that it provides immediate relief from the debt collection or legal actions of your creditors. But, it is different from a bankruptcy option in several ways.
First, and most important, it is a way that allows you to avoid having to file for bankruptcy. Second, it allows you to reduce your debt and make monthly payments consistent with your income and what you can afford. Third, it provides a financial solution that allows you to keep valuable assets that you might lose in a bankruptcy, such as a house or cottage or vehicle.
There is a lot of information out there about “consumer proposals” or “proposals” and it is important to understand exactly what a “consumer proposal” is when dealing with an agency that promises to help you with your debt. When dealing with Irving A. Burton Limited, you know that you are dealing with a licensed Trustee in Bankruptcy with over 25 years experience in debt management advice and that we are federally regulated by the government.
We are often asked “Why would the creditors take less money, I tried to negotiate with them and it didn’t work?” The answer is simple - by dealing with a Trustee in Bankruptcy, the creditors are aware that they are working with a regulated professional, and that by accepting the negotiated terms from the Trustee, the creditor may avoid the debtor taking the unwanted step of going bankrupt, and getting far less than in the offered consumer proposal.
The consumer proposal process is started by meeting with our Trustee and discussing the options and how they will affect you. How much you offer to your creditors is unique to everyone. Should you decide that a consumer proposal is the right option for you, the documents will be prepared by the Trustee and filed with the court and the Office of the Superintendent of Bankruptcy – you do not have to attend for this. The creditors will be notified of your consumer proposal and all collection calls, garnishees, judgments and collection procedures will stop while the creditors review and consider your proposal.
Our office works with you to determine what the best proposal is for you. It is important that the payments you make be affordable and that it truly does give you relief.
A proposal allows you to:
- stop all collection, including calls, judgments and garnishments
- include all of your debt into one payment rather than many payments to many creditors
- make one payment that is affordable to you
- significantly reduce the amount of debt that you have to pay overall
When your proposal has been completed you will receive a Certificate of Full Performance and you can consider responsibly re-establishing yourself.
It is important to note that although everyone who has been in your situation has felt many of the same things that you are, each situation is unique and speaking to the Trustee is the best way to clarify how you specifically can be assisted.
Give us a call at (905) 427-6647 or e-mail [email protected] to discuss your options.
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Contact Burton, Dey & Associates Ltd. - Trustee in Bankruptcy
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