So, you now have a stable enough job, your own home and a lovely family, but you can’t afford to pay the debt payments on a monthly bases, then applying for a consumer proposal is your best option. Consumer proposals are especially for people who have the money to pay off their debts, but need some time so do so. This article is specifically focused on consumer proposal Toronto, you should check with your local laws if you live in another area. Here are some steps:

Is This Your Last Option?

Consumer proposal Toronto is your best bet if you have a loan under 100k (other area might have different limits). It is a good option if you don’t want to go bankrupt, can pay off the debt, but need some extra to do so. So, access the situation and then make the final decision.

Meet Up With a Professional

You can find many licensed trustees to file a consumer proposal Toronto, because before you take the final steps, you need to success how much you own and how much you can repay per month. This can help you big time in determining the number of months you’ll take to repay the debt fully.

Draft The Proposal

You now have to draft and write a good proposal covering all the legal points in order to get it accepted by your creditor. Don’t worry though, there are many bankruptcy trustee companies working for consumer proposal Toronto. You can also hire a professional to take care of all the legal things to avoid making a mess. Because a consumer proposal is going to impact your credit score for at least the next 3 years to come. A well drafted proposal a more likely to be accepted by you creditor.