Pros and Cons of a Consumer Proposal
Now that you have a better idea of what it means to file a consumer proposal, let’s explore the pros and cons of this solution.
Potential Advantages
There are many advantages to this debt solution that makes it an attractive option to Canadians in debt.
They include:
- This debt solution means there is no bankruptcy on your file.
- Asset protection: It means you can hold on to your assets and investments.
- Consumer proposals can help you reduce your monthly payments for your debts because you can negotiate how much you owe.
- Harassing phone calls from creditors will stop.
- Wage garnishment stops. (Are you currently facing wage garnishment in Alberta? Click here to learn about your rights)
- You will be responsible for your monthly payments, but you won’t have other costs or fees.