Richard Killen, a Scarborough Ontario Licensed Insolvency Trustee provides an overview of why consumer proposals in Ontario are a very popular alternative to personal bankruptcy.
Most people don’t want to declare bankruptcy in Ontario. Therefore, when they would go to a licensed insolvency trustee, they would be looking for an alternative to bankruptcy. The alternative that a trustee would provide is called a consumer proposal in Ontario. A consumer proposal is an agreement between what the debtor is willing to offer and what the creditor is willing to accept to resolve a financial debt problem. In a consumer proposal, the debtor will have an agreement with creditors through a trustee. This agreement is under the protection of Bankruptcy and Insolvency Act Law.
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