When all other options have been exhausted, we’ll guide you through the Bankruptcy process and help you file the necessary paperwork to eliminate your debt once and for all.
Fuller Debt Consumer Proposals
Bankruptcy, although sometimes necessary, is a last option for most people. While the majority of Bankruptcy-related losses and restrictions will fall on your shoulders, lenders and financial institutions would often prefer for you to settle your debt by paying a reduced amount, on a schedule that you can manage.
A Toronto Consumer Proposal can help you avoid Bankruptcy, enabling you to work out a formal agreement with your creditors to repay a reasonable portion of your debt, and be relieved of the rest. This is a much more favourable option compared to Bankruptcy for both parties: You can retain your assets and avoid damaging your credit, while the creditors are paid at least some of what they are owed.
On top of providing a manageable solution to your debt situation, a Consumer Proposal applies to all your creditors, so you will stop receiving harassing calls, and wage garnishment will end.
What Is A Consumer Proposal?
A Toronto Consumer Proposal is a legally binding process by which a Licensed Insolvency Trustee (LIT) at Fuller Landau develops an offer for your creditors to revise the terms of your debts, including negotiating a more affordable outstanding amount, payment schedule, and/or interest rate.
A Consumer Proposal is a process where you make an offer through a Proposal Administrator at Fuller Landau to your creditors to settle your debts for what is usually a fraction of your total debt.
The Consumer Proposal, once accepted by the creditors, is binding on all creditors. You are protected by creditor actions, and there is no more interest added.
Step-By-Step Consumer Proposal Service
For everything you need to know about what Consumer Proposal service is, check out the following resources:
Want to learn more about Fuller Landau’s Consumer Proposal services – what it is and how it can help you? Schedule a free consultation today at our Toronto and Hamilton offices to discuss your personal situation and get a fresh start.