a legal process which allows a debtor to offer creditors a repayment plan covering all or a part of the debt in a lump sum or over an extended period of time
a legal process which provides a debtor with an opportunity to modify his or her payments to creditors by extending the time for payment or reducing the total amount to be paid and without ongoing interest, usually over a period of time
a means to negotiate with your creditors for the reduction of you debts and/or extension of time for payment of their debts
an agreement to pay back your creditors when you find that you are unable to pay your debts in the normal course
an arrangement to pay your creditors when you can no longer make your regular payments
an offer made by a debtor to his or her creditors to modify his or her payments
an offer made to creditors by someone with debt difficulties
a payment offer similar to a proposal in bankruptcy, but is subject to a fast-track procedure
A proposal you can make under the Bankruptcy and Insolvency Act to your creditors to modify your payments, such as reducing the amount of your debts, extending the time you have to pay off the debt, or providing some combination of both.
A Consumer Proposal is an alternative to bankruptcy, where you offer to pay your creditors a percentage of what you owe them over a specific period of time. Generally, you would make monthly payments to a Trustee, and the Trustee will use that money to pay your creditors. The amount you pay depends on your personal situation and the amount of money you make.
A simplified process to make a proposal for repayment of debt to creditors, available under the Bankruptcy and Insolvency Act to a consumer debtor whose aggregate debts, excluding any debts secured by the person's principal residence, do not exceed the amount prescribed in the Bankruptcy and Insolvency Act.
A proposal (defined below) available to individuals who owe, apart from mortgage financing for their principal residence, less than $75,000. The administration is dealt with "summarily". Pending legislation, if enacted will increase this to $250,000.