If you’re looking to consolidate your debts, one option available is to file a Consumer Proposal in Brampton. This is a legal settlement under the Bankruptcy and Insolvency Act between yourself and your unsecured creditors to pay back a portion of the debt you owe.
A Consumer Proposal can only be filed and managed by a Licensed Insolvency Trustee . For the proposal to be legally binding, the creditors who are owed the majority of your debt must agree to the arrangement.
You’ll pay an initial filing fee of $114.88, and if it’s accepted by your creditors, you’ll pay the settlement over up to 60 months.The amount of debt that you repay is based on your income and what assets you own.
Payments are made to your Trustee which deposits them into a trust account. The Trustee’s fees get paid by your creditors out of the trust account according to a tariff. This tariff is $1,500 plus 20% of the amount the Trustee distributes to your creditors every year.
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