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Showing posts from June, 2020

Consumer Proposal Payout

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IntroductionFor most Canadians, if not the world at large, the new decade has been somewhat of a shock. No one could have predicted covid-19 and the devastating impact it would have on our economy. Even before the pandemic, things were shaky, economically for a lot of Canadians; for every $1 a Canadian earned, $2 was owed in debt. With the lockdown of the economy, this debt is expected to rise.Debt can come in many forms from student loans, bad financial decisions, unfruitful investments, unemployment, illness or divorce bills – the list is endless. With the pandemic, people are understandably nervous, and some are tittering on the verge of bankruptcy. Bankruptcy seems like the only way out of a long and burdensome road of debt, but it does not have to be this way. Bankruptcy is not the only option – a Consumer Proposal Payout could be the way out.
What is a Consumer Proposal Payout?A Consumer Proposal Payout is a financial compromise agreement you enter into with your creditors to pay…