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NB & PEI Personal Proposals - Consumer Proposals & Division I Proposals. Avoiding Bankruptcy.

Consumer proposals.

This short presentation summarizes the steps involved in Consumer Proposals.

To get a consumer proposal started you meet with a Licensed Insolvency 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.

Consumer proposals have the following advantages:

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

Once your consumer proposal is filed, your creditors must stop all collection action and the trustee will deal with your creditors.

There are a few rules.

Types of Personal Proposals.

There are two types of personal proposals available to individuals:

Consumer Proposals - If you owe less than $250,000 to your creditors (not counting a mortgage), you may be eligible to file a consumer proposal;

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

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

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