519-646-2222SEVEN SIMPLE STEPS TO FILING A CONSUMER PROPOSAL
HOW A CONSUMER PROPOSAL WORKS
1. Free initial Consultation with Tom or Megan to determine if a Consumer Proposal is the correct option
2. Thoroughly complete an extensive application form either during the initial meeting or it may be taken away and returned completed
3. Review the application with Tom or Megan to ensure all required information has been provided – may be reviewed by telephone
4. Sign official documentation – with either Tom or Megan
a. The signed documents are registered electronically – your proposal is sent to your creditors
5. At the tmie of signing you will make the first payment for the proposal
a. You will make further agreed upon payments for a term of not more than 60 months or in accordance with the terms of the proposal
6. Creditors may vote on the proposal within 45 days following the filing of the proposal
a. If no creditors vote the proposal is deemed to have been accepted
b. If 50% of the voting creditors agree with the proposal’s offering it is deemed to be accepted
c. If the majority (greater than 50%) of the creitors reject the proposal the Administrator (trustee) will ask if they would accept an alternative amount
d. If an alternative amount is agreed upon the proposal is approved as amended.
6. Attend at two required counselling sessions
a. First session 10 – 60 days after filing the proposal
b. Second session 30 days after the first session but not more than 210 days after filing the proposal
7. Certificate of Full Performance is issued upon completion of the terms of the proposal.
END