Answer: In a consumer proposal, a settlement is reached with your creditors. For example, in a proposal you may offer to pay $300 per month for 5 years, or $18,000 in total. If the creditors accept, and you make the payments, the remainder of your debt is eliminated.
If you can't afford a proposal, or if the creditors don't accept the offer, the other alternative is personal bankruptcy. The cost of bankruptcy depends on your family income, the size of your family, and certain expenses.
Each situation is different, so we recommend that you contact a Toronto bankruptcy and proposal trustee to review your specific options.
Labels: bankruptcy Toronto, consumer proposal
posted by Questions @ 3:53 PM
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