The Power of a Proposal

Tom Locke - Insolvency Trustee in London, Ontario
December 16, 2022

When it comes to reducing your debts, few options have the power of a proposal.  A proposal can reduce the face value of your debt by over 90% in some cases, although the average reduction is closer to 75%.

The power of a proposal includes the ability to bring all of your creditors to the table, even if they don’t want to be a participant.  If your creditors do not participate in the vote, they will have to live with the decision of the creditors who do participate

A proposal can be made to secured as well as unsecured creditors.  Using the power of a proposal you can keep your assets they do not vest in your proposal Administrator (LIT) in the same way they do in a bankruptcy Trustee

Imagine having $60,000 worth of credit card debt reduced to a mere $15,000 – it is possible through the power of a proposal.  Instead of paying $1,200 of (mostly) interest each month that goes and seeing your balances hardly move, you could be paying $250 per month and watching that debt drop through the power of a proposal

If you would like to learn more about the power of a proposal and how it can help you get your debt under control and paid off, call the office for a free consultation 519-646-2222