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~Ashley - Oak Bay


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Posts from the 'Bankruptcy Alternatives' category

How likely is it that my consumer proposal will be accepted?

2014-06-17 20:03:06

A consumer proposal is an alternative to bankruptcy set out in the Bankruptcy and Insolvency Act.  It is a legally binding payment plan to pay a portion of your debt back to your creditors.  In order to file a Proposal you must go through a federally licensed Trustee in Bankruptcy.  They will assess your financial situation and come up with a payment plan that you can afford.  The length of the plan can be up to 5 years, although 3 to 4 is more common. Once a proposal has been crafted it is put to creditors for approval.  If more than 50% of you creditors (by dollar value of...[more]