All Important Ideas about Consumer Proposal Process and Role
A consumer proposal is a legal document showing bankruptcy from the side of debtors. In this legal proposal, a negotiation procedure is included to extend the time of repayment to creditors. The proposal is made by a Licensed Insolvency Trustee to keep control of the assets of debtors to be captured by creditors by not getting money within the scheduled time. You have instant legal protection from debtors and debt collectors once a consumer proposal has been submitted, which results in a legal suspension of action. There are different processes and techniques are necessary to make a reliable and effective consumer proposal plan. You have to choose some major consumer proposal process that is explained below. Consumer proposal process You must go see a LIT team in to file a consumer proposal based on the recommendations. While numerous debt management companies advertise various debt plans, a LIT is the only debt management specialist authorized by law to submit this pr...