Newfoundland Bankruptcy - PDSC Trustee Site
Get Started Today!
Our Bankruptcy Trustees are here to help!
Also be sure to check out our FAQ Pages
Compare Your Debt Repayment Options
Posts from the 'Consumer Proposals' category
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]