You Can Negotiate Your Debts

When the debts become too much to bear, it allows you to negotiate your debts with your creditors so you only pay off a portion of it. Most creditors will agree to this because the alternative, which is bankruptcy, will give them nothing. At least with a consumer proposal, they can still get something from the borrower.

You Can Pay It Off in 5 Years

The remaining debts can be paid off in a 5-year term. You can slowly pay it off while working on improving your finances.

It’s also important to note that while you are paying for your debts, the interest will be frozen. You will only pay the agreed amount, so you don’t have to worry about accruing interest.

You Get to Keep Your Assets

There are fears and worries that creditors will seize assets and properties. But that can be prevented with the help of a consumer proposal. You can keep assets such as investments and home equity.

The downside is that it takes longer to finish since you will be paying for your debts for 5 years rather than just have it over and done with. This is why you should consult a Licensed Insolvency Trustee such as Mike Wright & Associates Inc to find out if this is the best option for you.

For more details about Debt Solutions - Mike Wright & Associates please visit our website: debtfreebc.ca