Consumer Proposals: 98% Acceptance Rate with Ginsberg Gingras

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Consumer Proposals: 98% Acceptance Rate with Ginsberg Gingras

When thinking of a consumer proposal as the solution to your debt problems, remember to choose your Licensed Insolvency Trustee (LIT) carefully.

By choosing a Ginsberg Gingras LIT, you’ll be working with a firm with an excellent track record for consumer proposals. In fact, in 98% of cases, the consumer proposals we present on behalf of debtors are accepted by creditors. This statistic is drawn from a review of our 2014 and 2015 files.

Discover how we have successfully guided thousands of people toward freedom from debt through a consumer proposal in the past two years.

98% of our consumer proposals are accepted. What’s our secret?

  • An experienced and impartial team recognized in the field.
  • Consumer proposals that are fair and satisfactory for all parties.
  • Return of peace of mind to debtors through resolution of their debts.

Why is our consumer proposal acceptance rate so high?

  1. The experience of our Licensed Insolvency Trustees

    Our Licensed Insolvency Trustees are professionals experienced in debt solutions. Their input on your consumer proposal will maximize its chance of being accepted by your creditors without compromising your basic needs. At Ginsberg Gingras, listening to your needs is our top priority, and our Licensed Insolvency Trustees ensure they understand your financial requirements so you can balance your budget.

    Our LITs also take into account a number of factors when drawing up a consumer proposal. The settlement amount offered will be based on your budget, which will include a small sum to alleviate unforeseen expenses and emergencies.

    On the one hand, an acceptance rate of 98% demonstrates our LITs’ skills for negotiating with creditors. On the other, it also demonstrates their ability to appropriately counsel debtors when developing a consumer proposal. These skills are, without question, key factors to consider during your debt resolution process.

  2. The impartiality of our Licensed Insolvency Trustees

    At Ginsberg Gingras, we are known for being impartial professionals who seek the best solution for all parties involved. Especially true in consumer proposals, the role of our Licensed Insolvency Trustees is to find the middle ground between the needs of creditors and those of debtors.

    An appropriate consumer proposal must be agreed upon by all parties. Your budget must be respected, but creditors must also receive their fair share. The sums paid to creditors in a consumer proposal must also be better than what they would receive in a bankruptcy.

    The three key elements of an acceptable consumer proposal

    • Takes your ability to repay creditors into account while considering your essential needs and anticipating future expenses.
    • Makes a balanced and reasonable proposal to maximize its chances of acceptance.
    • Can justify the proposal or make corrections if necessary at a creditor meeting.
  3. Trust Ginsberg Gingras and our consumer proposals

    Over the years, our impartiality and experience have allowed Ginsberg Gingras LITs to become renowned for their professionalism. Little by little, we have developed a reputation as a trustworthy partner in consumer proposals. We can proudly say that our LITs have the expertise to find the best solution to debt problems. When we work on a consumer proposal, creditors can be sure they’ll see a reasonable offer based on the real ability of the debtor to repay their debts.

    Common ground is always easier to find when the principle of neutrality is respected. That is the promise we have always made, and it is why we have gained the trust of our clientele.

The consumer proposal process with Ginsberg Gingras

Some people hesitate to make an appointment, because the idea of meeting a Licensed Insolvency Trustee frightens them. For one thing, they can feel shame about divulging their financial situation. For another, because of our previous title, “Trustee in Bankruptcy”, they often have an erroneous perception of what we do.

Many people are under the impression that bankruptcy is the only solution we offer. However, the work we carry out is very diverse. The consumer proposal is one of these solutions, and it prevents bankruptcy.

Here are the steps that a professional at Ginsberg Gingras follows if a consumer proposal is an appropriate solution for you:

  • Meeting with the LIT
  • Prepare a review showing:
    •  Assets
    • List of debts
  • Inventory of debts
  • Budget analysis
  • Verification of ability to repay debts
  • Development of a solution based on repayment ability
  • Writing and filing of the consumer proposal to the OSB as well as to creditors
  • Stopping collection actions taken against the debtor (seizures, collection calls, etc.)
  • Acceptance (or renegotiation) of the consumer proposal
  • Two budgetary consultation meetings
  • Managing payment deposits and ensuring agreement is respected until completed
  • Obtaining the Certificate of Full Performance of the consumer proposal

The process leading to the acceptance of a consumer proposal is nothing to be afraid of. If your debts are causing anxiety and uncertainty, know that you can stop this with the right solution.

By choosing an experienced and renowned Licensed Insolvency Trustee at Ginsberg Gingras, you will be on the right path to solving your debt problems.

Don’t wait. Contact us now!

Pascal Gagnon, CPA, CGA, CIRP, LIT

Licensed Insolvency Trustee

Pascal Gagnon, who has a bachelor’s degree in business administration from the University of Quebec in Hull, joined Ginsberg Gingras in 1995.

He got his CGA designation in 1997 and became a licensed insolvency trustee in 2002.

Over the years, Mr. Gagnon developed insolvency expertise working with businesses and consumers.

He was named Vice-President of Ginsberg Gingras on January 1st, 2013.

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