consumer proposals

Process

During your free consultation, a Bromwich+Smith Debt Relief Specialist will work with you to establish the details of your current financial situation, including assets, liabilities, income and expenses.

Next: If it is determined that a Consumer Proposal is the best option to relieve your debt, we will work within your budget to determine the terms of your proposal, and won’t proceed until you are comfortable with the terms.

Once terms are accepted by you and the proposal is submitted, relief is in sight. Right away, your creditors must leave you alone. That means no more bothersome phone calls, no more garnished wages, and active lawsuits come to an end.

Note: As long as a proposal offers your creditors more then they would receive in a bankruptcy, they are usually accepted. Your creditors have a 45 day period after submission to request a meeting to vote on the terms of the proposal. If a meeting is requested by more than 25% of your creditors, a meeting will be called where creditors will vote to accept the current terms or amend the proposal to terms that are satisfactory to the majority of the creditors.

Advantages

Consumer Proposals:

• Settle your debt based on what you can afford, not what creditors were demanding.
• Stops all creditor actions, including collection calls and wage garnishees.
• Legally force creditors into the settlement, even if they don’t all agree
• Stop interest charges immediately
• Are paid through one monthly payment, with up to 5 years to pay.
• Unlike bankruptcy, a consumer proposal Doesn’t involve your assets or other possessions
• No additional fee payments from you, as we are paid by a government tariff