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A consumer proposal in BC is an alternative to bankruptcy and a way to negotiate a debt settlement with your creditors. It is an offer made by a debtor to either defer and/or compromise amounts owed to his or her unsecured creditors.
Filing Proposal & Process
The process of filing a consumer proposal begins by seeking the help of a licensed trustee in bankruptcy who is qualified to act as an “administrator” in the consumer proposal. He or she will review and assess your financial situation, and advise you of your alternatives in achieving a debt settlement with your creditors, including filing a consumer proposal.
FAQ About Proposals
Here we provide answers to frequently asked questions about negotiating a partial debt repayment and/or debt repayment terms through a consumer proposal.
A Proposal by a corporation is simply an arrangement between the company and its creditors which allows the business to continue operating in exchange for a compromise of the debts outstanding and in most cases, a deferral in the timing of the repayment. The trustee works with the owners of the company in drafting a corporate proposal that presents a better result for both the company and the creditors than if the company is forced into a bankruptcy.