What Is The Role Of A Consumer Proposal Administrator?
Filing consumer proposal can be best consummated under the guidance of a consumer proposal administrator. Let us read about it.
A Consumer Proposal Administrator is the person who helps you administer and file the consumer proposals in Canada. He is the only person to help you do this, and no other lawyer or accountant can help you with it. We have discussed all the important details about his specific roles in this article. Read on further to know all of them!
Important Roles of Consumer Proposal Administrator:
- Performs Complete Debt Assessment: A proper debt assessment is done in which all the debts are evaluated so as to understand if you are qualified for consumer proposal filing or not. He will notify about the bad debt and other options like personal bankruptcy, credit counselling services, debt consolidation loans in Surrey, etc.
- Handle all Creditor Negotiations: He manages all the amounts that you can offer to your creditor and will help you get the best price for debt relief. At the end, all the terms will be right for both you and the creditor.
- File Consumer Proposals and Bankruptcy: Being the main assessment manager, he is the one to help you through the process of consumer proposals as well as bankruptcy. You can choose any one of these, and he will handle all the financial debt help processes for it.
- For Consumer Proposals: He shares all the advantages of consumer proposals with you and notifies all creditors, and shares proposals with secured as well as unsecured creditors. Also, during the voting process, he gets, keeps a record and approves all the creditors’ claim forms to get a combined payout share for all creditors. After 45 days, when the consumer proposal is filed, he gets the counts of all the votes for and against the proposal. Once the final meeting is over, he will also issue a certificate of completion.
- For Bankruptcy: He will assess all the debts you owe and assets you own to get the details about being qualified for bankruptcy or not. If yes, then he will provide proper creditor protection and help you file for personal bankruptcyin Surrey, Delta, or other parts of Canada as soon as possible.
Now that you are aware of all the crucial roles, it is time to know the steps to find a great consumer proposal administrator.
Steps to find A Consumer Proposal Administrator
Follow the given steps to find a great consumer Proposal Administrator in Greater Vancouver and other nearby locations easily:
- Look for a LIT or Licensed Insolvency Trustee by searching online for financial debt counselling to consolidate debt fast.
- Check out different company reviews and, if possible, check the OSB website for authorized listings information.
- We are sure you will get a legitimate company to reduce debt and get all the debt assistance properly!
With this, you’ve learned everything about the responsibilities of a Consumer Proposal Administrator. It’s high time you opt for a professional licensed CPA yourself with Credit720’s reliable financial services in Surrey, Langley, Burnaby, Abbotsford, etc. Contact them right away for debt restructuring so that you are left with no more debts