Negotiating A Successful Consumer Proposal



For a consumer proposal to be successful it must be acceptable to several parties. First you must be assured that you will be able to afford your monthly payments and that this is the best solution to eliminate your debts. Creditors are primarily looking at the total money they can expect to receive over the term of the proposal. They have certain ‘expectations’ and a successful plan takes these factors into consideration. Each person’s situation…


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Consumer Proposals are a part of the Bankruptcy & Insolvency Act



Do you need help with your debts but don’t want to file for bankruptcy? Have you considered a consumer proposal? It’s a good option for those with home equity or other assets they wish to protect. Moreover, it allows you to settle your debts for a fraction of what you owe while stopping interest and allowing you to pay in one convenient, monthly payment. Better yet, a consumer proposal offers immediate protection from your creditors…


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Beware Ads Advertising Government Debt Relief Programs



Have you seen any of the ads touting “Government of Canada Debt Relief Programs with promises to reduce your debt by 60, 70, even 80%?”  The businesses running these ads are trying to sell you “consulting services” – they’ve “been there before,” they know the “tricks of the trade,” they “know a guy…”  Please tell me you are not falling for any of this. The Government of Canada is not in the debt reduction business….


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Does the Government Have to Approve My Consumer Proposal?



Consumer Proposals are the only debt settlement programs regulated by the federal government. You may know that your creditors will vote on your consumer proposal and if more than 50% vote yes your proposal terms will be accepted. But what role, if any, does the government play in approving or processing consumer proposals? Government Oversite through the OSB Any bankruptcy or consumer proposal has to be filed with the Office of the Superintendent of Bankruptcy (OSB) for it…


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