A Look at a Consumer Proposal
A Consumer proposal is a legal and binding agreement which is administered only by a Trustee between the debtor and the creditors. The Trustee prepares a proposal to be submitted to the debtor’s creditors. When approved by the majority of the financial creditors, the debtor then pays a percentage of what is owed back to the creditors.
In a standard Consumer proposal, this refers to unsecured debts up to $250,000, but this does not include your mortgage. Your mortgage is considered a secured debt, and cannot be included. For unsecured debt that is over $250,000, then you will be dealing with a Division 1 Proposal.
With a Consumer Proposal
If your debt problems seem insurmountable – we can help. At David Sklar & Associates, our Licensed Debt ProfessionalsTM have the experience and knowledge to help you get out of debt. During your consultation, we will help you understand what your current financial situation is, how best to fix it, and how to move on to a better life. With six offices in the Greater Toronto Area – we are here to help.
Call Us Today For a Confidential & Free Initial Consultation Call 416-498-9200