A consumer proposal is a compromise between the debtor and their creditors on the repayment of debt.
Welcome to our corner of financial wisdom! If you’re feeling overwhelmed by debt in Nova Scotia, you are not alone. Life can throw unexpected challenges our way, and sometimes, managing debt can become a daunting task. That’s where we come in – your friendly, local Licensed Insolvency Trustee (LIT) in Nova Scotia. We’re here not just to help you out of debt, but to guide you toward a brighter debt fee future. One of the tools we have to help you do this is a consumer proposal.
What exactly is a consumer proposal?
Think of a consumer proposal as a compromise between you and your creditors that is tailored to your individual situation. It is a legally binding process that allows you to settle your debts for less than you owe based on what you can afford. A consumer proposal in Nova Scotia can be filed by an individual whole debts do not exceed $250,000 (excluding a mortgage on the person’s main residence). Instead of drowning in multiple payments, a consumer proposal combines your unsecured debts into one manageable monthly payment. This means less stress and more control over your finances. Plus it stops those harassing phone calls from collectors and stops any legal actions by unsecured creditors
Why Choose a Consumer Proposal?
Choosing a Consumer Proposal in Nova Scotia is like a opening a door to financial freedom. Here’s why it might be the perfect solution for you:
1. Affordability – Your monthly payments are based on what you realistically can afford to pay, not on what creditors demand. This means you can afford to live while getting out of debt.
2. Protection – Once your consumer proposal is approved, actions by creditors are stopped by the “Stay of Proceedings”.
3. Interest Free – Unlike other forms of debt management, consumer proposals are interest free. You only pay back the amount agreed to without any added interest cost.
4. Peace of Mind – Knowing you’re on a structured path to being debt free brings peace of mind. Its a step towards a stress free life.
5. Credit Score Improvement – While a consumer proposal will be noted on your credit report, it is often seen more favourably than declaring bankruptcy. Plus we will help you on the path towards rebuilding your credit.
Do you have too much debt but don’t want to file for a bankruptcy? A consumer proposal may be a good solution for you.
At Golding & Associate we believe in more than just numbers and legalities. We understand the emotional toll that financial stress can take, and we are here to support you every step of the way. Our experienced team is not just here to administer a consumer proposal, we’re here to empower you. We’ll sit down with you in person to listen to your unique situation and create a proposal that suits your needs.
The Process – Simpilfied
1. Free Consultation – Reach out to us for a free, no obligation consultation . We’ll discuss your financial situation and explore if a consumer proposal is right for you. We can chat via phone or meet in person at our offices in Kentville or Halifax or other meeting places in Nova Scotia.
2. File a Proposal– If a consumer proposal is right for you, we will work with you to create a proposal that your creditors will find attractive. This proposal will outline your new, affordable monthly payment and timeline for repayment.
3. Creditor Approval – We’ll present your proposal to your creditors. Most consumer proposals we file get approved because they offer creditors a better deal than they would get if you filed for bankruptcy
4. Financial Freedom – Once your proposal is approved and you’ve made all your payments, you’re officially debt free. It’s a celebration of your commitment in your journey to financial freedom.
Your Journey to Debt Free Living Starts Here
Don’t let debt hold you back from living your best life in Nova Scotia. Take the first step toward financial freedom today. Contact us and let’s explore the possibility of a consumer proposal. Remember, no situation is too big to handle. With the right guidance and determination you can reclaim control over your finances and build a future free from the shackles of debt. Let’s make that reality – together.
To find out more information, visit our FAQs about consumer proposals.
This calculator gives an illustration on how helpful a consumer proposal can be:
See answers to commonly asked questions about proposals HERE.