How Does A Consumer Proposal Impact Families?
Families have a wide variety of expenses that draw on their assets. Families with children have expenses that tend to be larger and more varied than predicted.
Sadly families do feel the financial pinch and this triggers arguments and emotions. being Short of necessary money while raising a family is frightening, and causes a lot of tension. A Consumer Proposal presents relief for debtors. You shouldn't be humiliated about this and you should get the advice of a Licensed Insolvency Trustee.
The downside is that all your credit cards and unsecured loans will be included in a Consumer Proposal that will be closed. In case your bank is among the creditors, you might need to open a new account at a different bank.
For all those who have a mortgaged home, the amount of equity that exists in the property will have an effect on how the Proposal is structured. If there is a whole lot of equity, it could be necessary to sell the home. A Licensed Insolvency Trustee may easily advise.
Consumer Proposal will adversely influence your credit rating for a number of years. On the other hand, the credit bureau will remove information regarding your Proposal from your credit report 3 years after you complete your Proposal.
Selected families who realize they require financial assistance have already cut out all luxuries to feel easiness once the Proposal is in place.
You've read this far, take a look at reaching out to a Trustee. It is Free and Confidential.
J.P. Graci & Associates Ltd.
150 Colborne St. Suite 2,
Brantford, ON N3T 2G6