A well-designed proposal administered by a licensed bankruptcy trustee ensures that it is fair for both the debtor and the creditors. The fact is, creditors know when you are in financial trouble because you are not making your payments to them and when you approach them with a proposal they know that if they don’t accept it, you will probably need to file bankruptcy.
A consumer proposal offers the creditors more money than they would receive if you filed bankruptcy. So for them, it does not make good financial or common sense to refuse the proposal because they will end up getting far less money when you are forced to go bankrupt.
When you file a proposal here in Cambridge with a trustee from Hoyes, Michalos & Associates, we will make sure that you can afford it but that it is also fair and resonable to both you and the creditors. If the proposal is well-designed, the chances of the creditors accepting it are very high. The creditors do not want you to go bankrupt anymore than you want to.
A bankruptcy trustee can help you figure out what you can afford to give your creditors and if a proposal would be a good option for you. If you would like to set up a free-of-charge initial consultation to learn more about consumer proposals, please call the Cambridge office today at 519-622-3773 or send us an e-mail. We look forward to meeting with you!




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