By now you have read about your options and in particular, all about consumer proposals. The big question is what do you offer?

That is where I come in. You can meet with me for a no charge meeting , and I can review your particular situation to determine what kind of consumer proposal makes sense for you.

1. Who are your creditors? Hoyes, Michalos maintains a database of creditor voting. I am going to let you know how your creditors have historically voted so you don’t offer a consumer proposal that has a small chance of being accepted.

2. What would a bankruptcy cost? No, you are not filing bankruptcy, but creditors will not accept a consumer proposal if they would get more money in a bankruptcy. If you have assets that have value or you have surplus income you need to offer at least that amount of money in a consumer proposal.

3. What can you afford to pay? I need to see an accurate monthly income and expense statement to determine what you can afford to pay. It is important to include all items such as groceries, lunches and cigarettes and to show your creditors you have a balanced budget when you include the consumer proposal payments. It doesn’t make sense to offer a proposal payment that will cause you to have a hard time paying your rent each month.

After reviewing all of the above, we can discuss what kind of proposal might be accepted. Remember, it is always up to your creditors to decide if they want to accept your proposal. If anyone tells you they can get your debt reduced, they are not telling you the whole story.

Call me at 310-PLAN, 519-250-8060 or email me and together we can formulate a plan that is right for you.