Write a report of the survey outlining both the advantages and disadvantages of the proposal.
Answers
Answer:
Follow me and support me
Explanation:
Advantages
You Keep your Assets – One of the main and biggest advantage of a proposal is that your assets are protected and you can keep all including tax refunds, investments and home equity.
Lower Monthly payments – In a consumer proposal, you repay only a portion of your debt depending on the terms and agreements made with your Trustee. It is not uncommon to see debts reduced as much as 70% of amount owed.
Disadvantages-
Time – Although a consumer proposal is a top choice for many debtors, they are not always the best option. A proposal will usually take longer to complete than a bankruptcy. Lowering your monthly payment means longer time paying back, however, if your situation improves, you CAN pay off a proposal early.
Credit Rating is still affected. – A consumer proposal DOES affect your credit. It will show as an R7 rating and stay there for 3 years after completion.