Ontario Consumer Proposals - Ontario Personal Proposals. - Avoiding Bankruptcy


This PowerPoint presentation outlines
the steps involved in an Ontario Consumer Proposals.

The way Ontario personal proposals work is that you meet with a trustee, who will use the information you provide to come up with a plan that will allow you to pay only a part of what you owe. Ontario personal proposals can:

  • have you pay off only a portion of your debts;

  • extend the time you have to pay off the debt; or

  • provide some combination of both.

To be acceptable, your creditors must receive a greater financial return under a personal proposal than if you go bankrupt.

Often with Ontario personal proposals you can keep all of your assets. Once your personal proposal is filed, your creditors must stop all collection action and the trustee will deal with your creditors.

 

Types of Personal Proposals

There are two types of personal proposals available to individuals:

  • If you owe less than $250,000, in consumer and commercial debt, to your creditors (not counting a mortgage), you may be eligible to file a consumer proposal;

  • If you owe more than $250,000, or you prefer, the other type of personal proposal you can file is an Ordinary or Division I proposal.

     

Both types of Ontario personal proposals give you a “stay of proceedings” or protection from your creditors.


 

Website Design.Imaginex Logo Copyright © 2006 - 2010.

 

Home

Trustee Offices:

Overview:


Information:

Bankruptcy Term Predictor

Ask a bankruptcy trustee;
(It's confidential).

Bankruptcy FAQ's;

Ontario Bankruptcy Exemptions
(Assets you keep in a bankruptcy or proposal);

Personal Proposals
(Avoiding bankruptcy);

Will I lose my house and car?

How much will a bankruptcy cost?

Debt that is erased in a bankruptcy or a proposal;

Credit Counsellors & Trustees;
Get the facts!

New Bankruptcy Laws;

Ontario Bankruptcy Myths;

Debt Collection Rules;

Credit Bureaus and Collection Agencies;

Ontario Bankruptcy Dictionary

Privacy Policy;

Disclaimer.

Free Credit Report.



After Bankruptcy:

Credit after bankruptcy or a proposal;

Budgeting Spreadsheet.
Free Excel Spreadsheet for personal budgeting.


Our Ontario Offices:


Other links: