The Office of the Superintendent of Bankruptcy (OSB) has published its statistics on Personal Bankruptcies and Consumer Proposals for 2010.
After record setting insolvencies in 2009 it was interesting to see that the number of people filing a Consumer Proposals increased further in 2010. In the Kitchener-Waterloo region 805 Consumer Proposals were filed compared to 762 in 2009. An increase of 5.6%
The graph to the left shows how the number of Consumer Proposals filed in the region has steadily raised over the last four years.
What this means is that more and more people in Cambridge are finding ways to deal with the debt problems they have without filing for a Personal Bankruptcy.
A Consumer Proposal is a PLAN. A Consumer Proposal is where a deal is made with the people you owe money to, where you pay a set amount each month to deal with your debts.
Proposals make sense if you have a job and want to pay back your debts, but don’t have enough money to repay your debts in full. In most consumer proposals you pay less than the full amount owing and no interest is charged.
Advantages of Consumer Proposals
- You can avoid bankruptcy
- You negotiate to repay only a portion of your total debts
- You will not be required to surrender any assets
- Your creditors are restricted from taking any legal action against you
- Wage garnishments can be immediately stopped
- Interest is frozen on the date that you file
- If accepted by a majority of the dollar value of your creditors, the proposal is binding on ALL of your unsecured creditors
- You do not pay any hidden fees or up front fees; the proposal administrator is paid from the proceeds of the proposal if it’s accepted by the creditors.
If you believe a Consumer Proposal is looking like a good solution for you, then give me a call today on (519) 622-3773 or send me an email with your details and we’ll be happy to discuss your situation to see if a Consumer Proposal is the right solution for you.
About Howard HayesHoward has worked in our Cambridge office for many years helping Cambridge residents find solutions for debt problems. As an Estate Manager Howard is able to explain all your options and find a solution that works for you.
