Thinking of Filing a Consumer Proposal?
If you are thinking of filing a consumer proposal it is likely because you have accumulated more debt than you can afford to pay. A Consumer Proposal is a legal avenue to give those who are suffering from financial hardship an avenue to deal with their debt.
Consumer Proposals are administered by trustees. The Trustee will make a repayment proposal to your creditors. Your creditors will have an opportunity to vote whether to accept or reject the proposal.
When you file a Consumer Proposal that is accepted you will pay a monthly payment to your trustee who then distributes the money to your creditors. Unlike bankruptcy, there is no “discharge” and the proposal is deemed completed once it has been paid in full.
This is an important decision that should be made with the advice and counsel of a trustee. It may be determined that a bankruptcy is a better option.
If you would like a referral to a trustee call our office at 416 223 9300.
