CONSUMER PROPOSALS EXPLAINED?
Consumer Proposal availability to all Canadian adults, like bankruptcy, has been put in place by the Government of Canada. Such a proposal is used where a debtor has a high income or has a large amount of equity in an asset, but who still cannot pay all of his or her debts, in the time required by creditors. A portion of the debts are repaid under the proposal. Not all of the creditors have to accept the proposal for it to be legally approved.
