Voluntary Deposit
A great alternative
Voluntary deposit is a process that allows you to seek shelter from your creditors and is regulated by the Québec Code of Civil Procedure.
Advantages
- Avoid bankruptcy
- Avoid wage garnishments and assets seizure
- The interest rate is fixed at the statutory rate which is currently 5%
Disadvantages
- Does not offer protection against immovable property seizure or motor vehicle seizure
- The required payment, being the garnishable portion of your income may not be consistent with your budget situation
- If you move to another province, the protection against seizure or garnishment is no longer valid
