When you are overwhelmed with debts, the best thing that you should do is to look for ways to reduce that burden. One of the things that you can do is file for a consumer proposal in Kelowna.

A consumer proposal in Kelowna is an arrangement done by licensed insolvency trustees like Mike Wright & Associates with the bank to reduce debts. When people are facing bankruptcy, this can be an alternative option. It reduces the debts significantly and the rest can be more manageable to pay off. Most banks will give 5 years to the debtor to pay off the remaining amount.

If you are no longer able to meet even the minimum amount of your debts, you should consider filing a consumer proposal in Kelowna. Most banks will approve a consumer proposal instead of a formal bankruptcy since with a consumer proposal, they will get something.

Although it can affect your credit standing, there are many benefits to having a consumer proposal including alleviating the stress and burdens of having debts, stopping creditors from constantly calling you, preventing your wage from being garnished, and preventing debtors from taking legal actions against you.

The debts that can be removed from a consumer proposal are credit card debts, line of credit debts, student debts, payday loans, personal loans, and other unsecured debts.

You can still get back on track and take control of your finances. A consumer proposal is just the start. Make sure you change your lifestyle so you can avoid getting back into debt once again.

To know more about Bankruptcy in Kamloops please visit our website: debtfreebc.ca