I may have jumped the gun with my first post about consumer proposals. While I’m here to tell my story about bankruptcy, insolvency and so much more, there is a lot of information that feels so commonplace to me, but not necessarily to everyone that has yet to go through it. So I wanted to take a minute and discuss some core definitions.
Number 1: What is a consumer proposal? Before anyone can talk about frequently asked questions for a subject, one must first understand or at least know something about that subject. Well, it’s essentially a vote by your creditors whether or not they agree with your proposal (which may be to pay 70% of the debts over two years and then be done with it). If more than 50% (votes based on how much you owe each creditor) agree, then it is legally binding. For a list of consumer proposal faq you can click here. There’s a lot of information, but it is broken down very clearly, so you don’t need to worry about digging for details or specifics.
If you’re looking for more specifics instead into bankruptcy questions then you can find that out too! There are a lot of similarities, obviously the solution / end goal to get out of debt, but you need specific advice to know what’s best for your situation.
For a straightforward list of bankruptcy definitions you can visit pretty much any insolvency firm for help.
Here’s a video for even more clarity on consumer proposals, to clear up the myths involved with consumer proposals: