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.
There are many advantages to this debt solution that makes it an attractive option to Canadians in debt.
- 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.