Consumer Proposal

A consumer proposal is a formal, legally binding process that is administered by a bankruptcy trustee. In this process, the trustee will work with you to develop a “proposal”, which is an offer to pay creditors a percentage of what is owed to them. The term of a consumer proposal cannot exceed five years or 60 months.

Payments are made through the trustee, and the trustee uses that money to pay each of your creditors. Creditors vote to accept or reject the proposal and have 45 days after filing to do so.

There are two types of proposals:

• Consumer proposals—available to individuals who owe less than $250,000, excluding mortgages; and
• Commercial proposals—available to businesses and individuals (there is no limit regarding how much money is owed).

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Once all the terms of the proposal are met, the debtor is legally released from the debts included in the proposal.