Breaking Free from Debt: The Guide to Consumer Proposals for Debt in Alberta

In a world where financial challenges are an inevitable part of life, finding effective solutions to manage debt becomes paramount. Alberta residents facing overwhelming debt often turn to consumer proposals as a viable option to regain control of their finances.

In this article, we’ll explore what a consumer proposal is, its advantages, and how Blanchard & Company stands out as the best choice for those seeking financial debt relief in Alberta.

Understanding Consumer Proposals

A consumer proposal is a formal, legally binding process designed to help individuals in Alberta deal with their debt. It is an arrangement negotiated between the debtor and their creditors, facilitated by a Licensed Insolvency Trustee (LIT). Unlike bankruptcy, a consumer debt proposal allows individuals to retain their assets while restructuring their debt repayment plan to make it more manageable.

Consumer Proposals in Alberta are tailored to individual situations, which makes them a suitable option for many. The consumer proposal increases the likelihood of acceptance, due to favorable terms for the creditors featured in them. There are even times when formal meetings with the creditors are not necessary anymore. If the consumer proposal is successful, it can guarantee a reduction in debt burden, potentially going as low as 20% to 25% of the original debt.

consumer proposal in alberta and debt relief

Advantages of Consumer Proposals in Alberta

  1. Asset Protection

One of the primary advantages of a consumer proposal is the protection of assets. Unlike bankruptcy, where certain assets may be liquidated to repay creditors, a consumer proposal allows individuals to keep their possessions while making affordable payments over a set period.

  1. Debt Reduction

Consumers can negotiate with creditors to settle for a portion of the total debt owed. This reduction can make repayment more feasible, allowing individuals to clear their debts without the burden of the full amount.

  1. End to Creditor Harassment

Upon filing a consumer proposal, an automatic stay of proceedings is initiated, putting an end to creditor harassment, wage garnishments, and legal actions. This provides individuals with much-needed relief and a chance to regain control of their financial debt situation.


Why Choose Blanchard & Company?

  1. Expert Guidance

Our agency boasts a team of experienced and knowledgeable Licensed Insolvency Trustees who specialize in consumer proposals. We understand the nuances of Alberta’s financial landscape, ensuring that clients receive personalized advice and guidance tailored to their unique circumstances.

  1. Comprehensive Education

At our agency, we believe in empowering our clients with knowledge. We provide comprehensive education on the consumer proposal process, explaining each step and answering any questions clients may have. Our goal is to demystify the process, making it accessible and understandable for everyone.

  1. Transparent and Honest Approach

Transparency is at the core of our values. We provide clear and honest information about the benefits and potential drawbacks of consumer proposals. Clients can trust us to guide them towards the best financial solution for their specific situation.

  1. Customized Solutions

We recognize that every individual’s financial journey is unique. We take a personalized approach to developing consumer proposals tailored to each client’s circumstances. This ensures that the proposed debt repayment plan is realistic and achievable.

Is a debt consolidation loan a good idea in 2022?

Navigating the complexities of debt and debt relief in Alberta can be challenging, but with the right guidance and a consumer proposal, individuals can embark on a path toward financial freedom. Our agency is committed to being the premier choice for those seeking relief from debt, offering expertise, education, and personalized solutions. If you’re looking for a reliable partner to guide you through the consumer proposal process in Alberta, look no further – we’re here to help you achieve a brighter financial future.

If you’re still unsure whether a consumer proposal is right for you, give us a call at 403-348-5815 and we’ll help you figure it out FOR FREE.