Consumer Proposal
Implementation of a consumer proposal in Gatineau and Ottawa
In the event of insolvency, use the services of Bernier & Associates: our agency will handle your consumer proposal in Gatineau or in our other offices. Our establishment will help you overcome your over-indebtedness.
What is a consumer proposal?
A consumer proposal is a procedure under the Bankruptcy and Insolvency Act by which you make an offer to your creditors to settle your debts. The consumer proposal applies in the following cases:
- The total debt does not exceed $250,000 and excludes the mortgage on the principal residence.
- It concerns consumer debts: loans, credit cards, or even lines of credit.
- Its duration may not exceed a period of 5 years.
- A consumer proposal may be joint, as long as the debts are substantially the same.
- It may be a monthly payment or lump sum, the sale of an asset or a combination thereof.
The advantages of a consumer proposal
In the event that the consumer proposal is rejected, bankruptcy is not automatic. The process is simplified and there is no meeting of creditors unless requested. The financial situation is settled while avoiding bankruptcy.
In a consumer proposal, you keep your assets: home, car, or RRSP - Registered Retirement Savings Plan. Legal proceedings or wage garnishments are suspended and your employer cannot terminate your employment. The reference to the credit bureau is deleted 3 years after the proposal has been fully implemented.
Feel free to consult all of Bernier & Associates' services regarding credit collection. You can contact an advisor and meet him/her directly in agencies in the Outaouais, Abitibi, Montréal, the Laurentians, Ottawa and around Ontario.
The debt restructuring proposal
This proposal can help to avoid the closure of a company.
