What is a consumer proposal ?
- Offer of repayment to your creditors without interest at a rate you can afford
- Only one monthly payment to the trustee for all your debts
- Funds proportionally distributed by the trustee to your creditors
Benefits of filing a consumer proposal
- Repayment of debt without interest
- Monthly payment determined by your ability to pay
- Payments are spread out over a period of up to five years
- Protection from legal proceedings, including wage garnishment and seizure of assets
- Budget counseling
- Avoid bankruptcy
How is a proposal accepted?
- Ginsberg, Gingras & Associates Inc. submits a copy of your proposal to your creditors.
- Creditors have 45 days to accept or reject your proposal.
- Each creditor gets one vote per dollar owed. If 50% of your creditors vote in favor of your proposal, it is deemed accepted by your creditors.
