1 / 11

Spotting The Differences Between Consumer Proposal And Bankruptcy

<br>Bankruptcy could be a due process that's to be filed beneath the Bankruptcy Act for surrendering the assets that the patron goes to be utterly discharged from the unsecured debts. On the opposite hand, a shopper proposal could be a legal proposal for credit line to be filed beneath Bankruptcy and Insolvency Act whereby a proposal is to lean to the creditors to settle the debts for a lesser quantity than what you owe. In this presentation, you will find the difference between consumer proposal and bankruptcy.<br>https://www.ahlawatassociates.com/area-of-practice/insolvency-and-bankruptcy/<br><br>

amyjones1990
Download Presentation

Spotting The Differences Between Consumer Proposal And Bankruptcy

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. AHLAWAT & ASSOCIATES ADVOCATES

  2. AHLAWAT & ASSOCIATES ADVOCATES Spotting The Differences Between Consumer Proposal And Bankruptcy

  3. AHLAWAT & ASSOCIATES ADVOCATES If you are wondering what way to choose to put an end to your debts, there are two major insolvency solutions from which to choose.Let’s take a look on the Differences Between Consumer Proposal And Bankruptcy

  4. AHLAWAT & ASSOCIATES ADVOCATES Filing with LIT or Licensed Insolvency Trustee

  5. AHLAWAT & ASSOCIATES ADVOCATES First Thing When comparing the differences between consumer proposal and bankruptcy, the first thing you need to understand is that both have to be filed by Licensed Insolvency Trustee or LIT.However, if your debt situation favors bankruptcy, the best option is to consult with a bankruptcy law lawyer to know if it is the right way to resolve the debts depending on your case.

  6. AHLAWAT & ASSOCIATES ADVOCATES Consumer proposal is a better option When your debts are more than you can settle or handle, you might wonder whether to file a consumer proposal or bankruptcy. While the situation of every debtor differs, the following points highlight why consumer proposal is a better option than bankruptcy.

  7. AHLAWAT & ASSOCIATES ADVOCATES Role of a trustee in consumer proposal If you lack the ability to afford credit counseling or obtain a debt consolidation loan, these alternatives can be used to pay to the creditors without getting into the burden of additional cost and the only options that are going to stay are consumer proposal or bankruptcy, and prevent the chance of being sued.

  8. AHLAWAT & ASSOCIATES ADVOCATES Flexibility in consumer proposal With the system of a consumer proposal, you will experience flexibility in making the payment. A majority of the amount of consumer proposal is to be carried out through monthly payments to the trustee who is going to distribute the funds among the creditors.

  9. AHLAWAT & ASSOCIATES ADVOCATES Choosing the option of bankruptcy If you want to get relief from the pressure of debts, bankruptcy is an ideal option although it differs from consumer proposal in many ways. When it comes to the role of trustee in dealing with bankruptcy and insolvency act, you must know the following. 1. The trustee can oversee your income. 2.They are going to file the income tax return in the year of filing bankruptcy.

  10. AHLAWAT & ASSOCIATES ADVOCATES Conclusion Bankruptcy is one of the most viable options for those debtors who are unfortunate and are unable to repay their debts. For resolving the debts issues properly, the first step you need to take is to hire a professional and explore the options that are available and determine the best move. Resource: https://www.doffitt.com/spotting-differences-consumer-proposal-bankruptcy/

  11. AHLAWAT & ASSOCIATES ADVOCATES Contact Info Mailing Address A-33, Lower Ground Floor, Defence Colony, New Delhi – 110024, India. Email address admin@ahlawatasscociates.in Phone +91 11 23384517 Website www.ahlawatassociates.com

More Related