![]() |
|
|
AB; Alberta Personal Proposals - Avoiding Bankruptcy.This presentation outlines the steps involved in a Consumer Proposal.
A proposal is a legal process which enables you to make an offer to your creditors to modify your payments or to pay them a percentage of what you owe. A proposal allows a fresh start without going bankrupt. Briefly the steps are:
There are two types of Proposal an individual can file:
Reasons Why a Personal Proposal may be a Better Choice than a Bankruptcy.Proposals must provide a better result to creditors than a bankruptcy. Otherwise, there is no reason for creditors to vote in favour of the Proposal. Note, however, that a "better" result can stem from a quicker distribution, lower costs of administration and a certain outcome of issues that may otherwise be contentious. Proposals are particularly useful in the following situations:
Site design by Imaginex Web Design
|
DirectoryBankruptcy Questions?Ask a Trustee Information:Personal Bankruptcy; Consumer Proposals; Bankruptcy Exemptions Personal Proposals Debt that is erased in a bankruptcy or a proposal; Credit Bureaus and Collection Agencies; Farmers in Financial Difficulty; Disclaimer.
|