Customer Proposal Frequently asked questions regarding customer proposals

Customer Proposal Frequently asked questions regarding customer proposals

Responses to your concerns.

Consumer Proposal

Customer proposals are quickly becoming probably one of the most popular credit card debt relief solutions, and are also often utilized instead of bankruptcy. This site will require a review of a few of the questions that are key may have about customer proposals. If you’re wondering how exactly to file a customer proposition, an authorized Insolvency Trustee (LIT) can explain each step regarding the procedure. An LIT could be the only professional that is government-licensed can register a customer proposition for you, and you will be in a position to respond to any queries it's likely you have.

Am I going to lose everything if we file a customer proposition?

No, you shall maybe not. Whenever you file a customer proposition, all your valuable assets are protected from your own unsecured creditors. As these debts cannot be included in a consumer proposal if you own a home or a car, you will need to continue to make payments on your mortgage or car loan in order to keep them.

What’s the difference between a customer bankruptcy and proposal?

While both a consumer proposition and a bankruptcy will give you a new monetary begin, there are some key distinctions, the following:

  1. You cannot have more than $250,000 in debt when you a file a consumer proposal. There's no optimum once you seek bankruptcy relief.
  2. The month-to-month quantity you spend can differ according to your ‘surplus income. By having a customer proposition, you will definitely spend exactly the same add up to your Licensed Insolvency Trustee (LIT) each month; in bankruptcy’
  3. First and foremost, once you file a customer proposition, you will perhaps maybe maybe not lose any of your assets.Leggere di più