22 Jun How to consolidate my debts?
A Consumer Proposal is a ‘legally binding’ Debt Consolidation solution that can only be filed with a Licensed Trustee in Bankruptcy in Ontario.
For example, you may have $40,000.00 in unsecured debt (credit cards, income tax debt, etc.) and the Consumer Proposal may offer $20,000.00 as a full settlement- without interest and including the Administrators fees (i.e. the Trustee), so long as 51% of creditors approve. Of course, other factors are relevant and should be discussed with us, in a confidential meeting at our office.