Once your creditors and the courts approve your proposal you’ll have immediate relief from your creditors and less of an effect on your credit report than bankruptcy would make. You’ll pay back debts according to the terms of the proposal, and Exelby and Partners Ltd. will be with you during this step as well.
A consumer proposal does several things when approved. Most wage garnishments stop, interest stops accumulating, collection companies and creditors can no longer contact you, you are not in jeopardy of losing your house or other assets, and you repay only a portion of your debt owing with a maximum repayment period not exceeding five years.
However, a consumer proposal will not allow you to pick and choose which debts to include, eliminate your support and alimony obligations, eliminate certain student loan obligations, or deal with your secured debts, such as your house mortgage and car loan. Learn more about filing a consumer proposal in cities like Grande Prairie, Fort McMurray, Red Deer, Edmonton, and Spruce Grove. Our licensed professionals are available to help you in Alberta, Northwest Territories, or Nunavut. Contact us today!