For the most part, when someone walks into our office, they are looking for answers. They are backed into a corner and need help getting out. They are already stressed out enough about their financial situation, they don’t want to feel overwhelmed with details and processes that come with a bankruptcy or a consumer proposal. So, let me help you understand the steps that will be taken if a consumer proposal is in your best interest:
When you meet with us, we will:
Review your finances and determine what you can afford to pay creditors
Recommend what you need to offer your creditors based on your situation
Help you prepare the proposal documents
Consumer proposal voting and approval include:
Creditors have up to 45 days from the date of filing to vote on your proposal
If the majority (51%) of creditors by dollar value vote in favour of the proposal, it becomes binding upon all creditors
Deemed Court approval occurs 60 days after filing provided there are no creditor objections
Upon approval of your consumer proposal you must:
Make agreed-upon payments to the trustee
Attend two credit counseling sessions
File your income taxes on time
Pay any income taxes owed in the post-proposal period
If you’re in debt and have questions, contact our office today. We can help you on your way to getting a fresh start.
