Residents of Ontario can be considered fortunate. Ontario, Canada's most populous province, is one of the most highly developed regions in the world, and residents here enjoy quality standards of living. However, like in other parts of the globe, some Ontario locals experience economic ups and downs too. Life is not always a bed of roses, and sometimes it can be very difficult especially for those who are buried in debt. There are many reasons why these people find themselves in such dire situations, and one of those reasons is that they live beyond their means. Fortunately, there are several ways to find debt relief such as filing a consumer proposal in Ontario. However, this option is not for everyone as the creditors will first have to decide whether to accept the proposal or not within 45 days. As soon as the proposal is accepted, the debtor can start making payments based on an agreed amount to the Proposal Administrator, which is usually within a five-year period. This will prevent creditors from following up payments or harassing the debtor. A consumer proposal also applies to people whose debt doesn't exceed $250,000, excluding the mortgage on the principal residence. Otherwise, the debtor may have no other recourse but to file for bankruptcy. Creditors actually prefer debtors to file a consumer proposal because with this, they at least get paid with a partial amount rather than receive nothing at all as in the case of bankruptcy. While bankruptcy is believed by some to be one of the most accessible debt solutions, it is advised that this option be considered as a last resort. A bankruptcy stays on credit records for seven to ten years, which may pose challenges when one tries to secure a home loan or any other loan. For this reason, it's recommended to file for bankruptcy only when all other options have been explored. There is no easy way to deal with debt, but there are ways to minimize the blow of being in a financial quagmire. However, before choosing a debt solution plan, consult with financial experts first to come up with the option that's most ideal to your situation. Visit the following website for other details, ehow.com/how_2265476_file-consumer-proposal.html.
Related Articles -
consumer proposal ontario, debt solutions,
|