Why a Consumer Proposal Can Be Better for You

You might be looking for ways to deal with your debts without filing for bankruptcy. There are alternatives to bankruptcy that could be better for you such as a consumer proposal in Kelowna, BC. Here are the reasons why it can be better for you:

1. You can get protection from your creditors

Many people worry that their salary will be shaved or that their assets will be seized by their creditors. Once you file and get approved for a consumer proposal, your creditors will no longer be able to hound you. You can get protection for your assets.

2. Your debts are reduced by up to 70%

One of the benefits of a consumer proposal is that it cuts down your debts by as much as 70%. The remaining amount can be paid off on an installment basis and will be distributed to your creditors. It can be a huge help to those struggling to pay their debts.

3. It has a lesser impact on your credit score

Unlike bankruptcy that has a bigger impact on your credit score, a consumer proposal is much better. It still has an effect on your credit score but not as bad as it would have if you opt for bankruptcy. It is much easier to bounce back.

So go ahead and consider this as an option for you. You should consult a licensed insolvency trustee such as Mike Wright & Associates Inc who will be able to assess your needs and determine if this will truly be a good choice for you.

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