A consumer proposal under the Bankruptcy and Insolvency Act is a formal offer from you to your creditors. You propose to pay part or all of your debt to your creditors over period of time.
It is different than bankruptcy where creditors have no choice as to whether or not you go bankrupt. With a proposal creditors get to vote for or against your proposal.
If they vote for it, you can continue and comply with the terms of your proposal. You do this by making payments as outlined in the proposal to the Licensed Insolvency Trustee who distributes the funds to your creditors.
After you have fulfilled the proposal you will be release from any remaining debts.
The terms of a proposal vary from person to person, but at the very least it must offer the creditor more money than if you were to go bankrupt.
For a free consultation in Winnipeg, call LCTaylor at 204.925.6400 or TOLL FREE ACROSS MANITOBA and NORTHWEST ONTARIO at 1.800.463.8371
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