How Do Consumer Proposals Impact Families?

Families have a wide selection of expenses that draw on their financial
means. Families with children have expenses that are usually larger and more varied than predicted.

Sadly families do feel the financial pinch, and this triggers arguments and emotions. Being Short of necessary cash while raising a family is terrifying, 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. If the bank is among the creditors, you will need to open a new account at a different bank.

For anyone who has a mortgaged home, the amount of equity that exists in the property will influence 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 quickly advise.

Consumer Proposal will adversely impact your credit rating for many 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 desire 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.

Consider 

J.P. Graci & Associates Ltd.

150 Colborne St. Suite 2,
Brantford, ON N3T 2G6
Brantford: 519-753-7361
Hamilton: 905-525-7077
http://www.jpgraci.ca/

Don’t Wait Around to Take Charge of Your Debt

Among the reasons why people file for insolvency is because of a job loss. You might be reaching your financial obligations now, however staying on track with your mortgage and the minimum payments could be a challenge. For many Canadians, your whole pay cheque is consumed each month with your living costs and debt payments.

Doing something about it today

The simple fact is that any time is a very good time to take the appropriate steps to deal with your debt. Now that you have encountered the very fact that your debt payments are no longer controllable, here is what you should do:

  •  Prepare a budget
  • Stop unnecessary spending
  • Calculate all your expenses
  • Make a list of all your monthly payments
  • Be realistic
  • Look into a licensed insolvency trustee about your options.

Dedicate time t to eliminate your debts early. If you want help and advice, don’t be scared to talk to a licensed insolvency trustee in your area. You might not need to file bankruptcy. Consultations are free, so take advantage of this free advice now.

J.P. Graci & Associates Ltd.
150 Colborne St. Suite 2,
Brantford, ON N3T 2G6
Brantford: 519-753-7361
Hamilton: 905-525-7077
http://www.jpgraci.ca