Fresh Start BC - Doug Lee & Associates Licensed Insolvency Trustee
Located at: #104 - 732 Cormorant Street, Victoria, BC, V8W 4A5
Phone: 250-360-4003 or 866-495-3328 (DEBT) Fax: 250-360-4008

Get a Fresh Start and Avoid Bankruptcy in Victoria, B.C., with a Consumer Proposal

They say the borrower is slave to the lender. If you have a lot of unsecured debt, you certainly do not feel as free as you might like. This is particularly true if you are behind on your payments and are hearing from creditors and collection agencies. At a time like this, you need a fresh start, a release from your debt that frees you to pay off what you owe and leave your creditors behind.

In Canada, a consumer proposal is one of the best ways to free yourself from the heavy load of debt and get a fresh start financially. Doug Lee & Associates can help you secure a consumer proposal, free yourself from debt, and avoid bankruptcy.

WHAT IS A CONSUMER PROPOSAL?

A consumer proposal is a legally binding, negotiated settlement between a debtor and his or her creditors. A trustee such as Doug Lee & Associates can help put together this settlement on your behalf, and creditors often agree to write off a portion of what you owe. You are left with a lower debt total, which you can pay off in under five years by making one payment each month for as long as the proposal stipulates.

Lowering the total debt in this manner is very freeing, as it helps you see the light at the end of the tunnel in regard to what you owe. You have real hope of paying off your creditors so that you can make a fresh start financially. Having one payment that is split among your creditors also frees up money in your budget for other expenses.

CONSUMER PROPOSAL ADVANTAGES

In addition to the freedom a consumer proposal offers, debtors enjoy these other benefits:

  • creditors are no longer allowed to harass you for repayment
  • interest stops accruing on the day you file
  • consumer proposals are binding on all creditors once the creditors holding the majority of the debt approve - so minor creditors cannot hold up the process
  • bankruptcy is avoided when you follow through on your consumer proposal
  • most wage garnishment orders are stopped

CONSUMER PROPOSAL REQUIREMENTS

The fresh start that a consumer proposal offers is available to those who have unsecured debts of $250,000 or less. You must also be able to make monthly payments, and your total debt must be greater than what you own. Furthermore, your mortgage cannot be settled through a consumer proposal, and you must be able to repay at least a portion of your debt.

FOR MORE INFORMATION

All in all, however, these requirements are minor, especially when you consider the liberation you will enjoy once the consumer proposal has been paid off. For more information on how the fresh start of a consumer proposal through Doug Lee & Associates can benefit you, please contact us for a free consultation.