Consumer Proposals in Hamilton
A consumer proposal is an alternative to filing personal bankruptcy in Hamilton. In a consumer proposal you make a deal with your creditors to repay all or a portion of what you owe.
For example, if you owe $30,000 on five different credit cards, and can’t afford to repay them, you could file a consumer proposal where you make payments of, say, $300 per month for four years, or $14,400 in total. If the creditors accept the proposal you make one monthly payment to deal with your debts.
In this example the creditors don’t get all of their money, but if they are getting more than they would get than if you went bankrupt, they will typically accept this type of arrangement.
How much you would need to offer to make a successful proposal depends on your monthly income, your family size, and your assets (such as whether or not you own a house), so we suggest you call the Hoyes Michalos Hamilton bankruptcy office at 310-PLAN, or E-mail us to to set up an appointment to review whether or not a consumer proposal is the right strategy for dealing with your debt problems and avoiding filing bankruptcy in Hamilton.
You must log in to post a comment.