- Avoid bankruptcy while resolving financial difficulties.
- It immediately stops legal action from unsecured creditors, including wage garnishments, bank account seizures and unencumbered asset seizures.
- It instantly protects you from receiving collection calls from your unsecured creditors.
- Unsecured creditors are now required to communicate with the Proposal Administrator instead of you.
- It stops the accumulation of interest on your unsecured debt.
- One affordable monthly payment may be made to your Proposal Administrator instead of multiple payments to individual unsecured creditors.
- Each monthly payment made to the Proposal Administrator pays your unsecured creditors and pays the Administrator`s fees.
- No additional costs, payments or interest charges apply beyond your single monthly payment to the Proposal Administrator.
- Flexible payment options are available. Plus you have the option to prepay at any time to help reduce the length of the consumer proposal.
- It allows a director of an incorporated business to maintain his or her position.
- It prohibits an employer from terminating, laying off, suspending or disciplining an employee on the basis of filing a consumer proposal.
- Disclosure of your financial situation is not required if you enter into a business transaction.
- Financial difficulties may be resolved within 90 days by providing a one-time lump sum payment to your Proposal Administrator.
- Stable monthly income is required to ensure you can pay the Proposal Administrator consistently.
- Your ability to make payments to the Proposal Administrator must be demonstrated through income verification and your monthly household budget.
- Acceptance of the consumer proposal is subject to a majority (50% or more) vote by your unsecured creditors.
- If multiple payment defaults occur, the consumer proposal is annulled – brought to an end – which reinstates the rights of the unsecured creditors to pursue collection or legal action. When a consumer proposal is annulled, personal bankruptcy may be your only option.
Thank you all for making a not so happy time a positive learning experience.Kelvin & Deb J.