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The Top 4 Advantages of a Consumer Proposal Over Other Debt Relief Solutions
2014-11-28
Author: Frederic Lachance
When a person in debt is trying to solve their money problems, they first have to make a choice of which debt solution they should use. We saw in a previous blog that there are different options available: debt consolidation loan, voluntary deposit (in Quebec), bankruptcy and Consumer Proposals.
The Consumer Proposal, which is the equivalent of a Chapter 13 bankruptcy procedure in the U.S., is the solution that has the most advantages. These include:
- Your credit will be impacted for a shorter period of time. In comparison to a bankruptcy or voluntary deposit, a Consumer Proposal will only be on your credit record for three years.
- You will be able to keep your otherwise seizable assets.
- Your accepted proposal terms will not change. The agreement will remain the same, even if there are changes in your salary or revenues.
- You will save more money. Compared to a debt consolidation loan or a voluntary deposit plan, you will achieve more savings in terms of the total amounts paid to creditors.
These are only a few of the many advantages of a Consumer Proposal over other debt options. If you need more information, please contact one of MNP Ltd.’s debt advisors in your region.
Frederic Lachance
CIRP, LIT
Senior Vice-President
Servicing: Longueuil (Longueuil metro), Alma, Amos Insolvency, Becancour, Beloeil , Berthierville, Chicoutimi, Châteauguay, Cowansville Insolvency, Farnham , Gaspé Insolvency, Granby , Hochelaga, Joliette , Sainte-Agathe, Laval, Lévis, Matane, Montréal, Montréal-North , Pointe-aux-Trembles, Pointe-Claire, Repentigny, Rimouski, Rouyn-Noranda, Saint-Georges, Saint-Hyacinthe, Saint-Laurent, Sainte-Thérèse, Sept-Îles, Shawinigan, Sherbrooke, Sorel-Tracy , St-Félicien, Ste-Foy, Terrebonne , Thetford Mines, Trois-Pistoles, Trois-Rivières, Val-d'Or
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