What happens if my creditors vote against accepting my consumer proposal?


Every consumer proposal is unique and will depend on your creditors and other factors. Having a Licensed Insolvency Trustee negotiate with your creditors is your best option for a fair settlement. If the creditors vote 25% or more against accepting your proposal, the administrator will have to call a meeting of creditors. During that meeting, your Insolvency Trustee will help you negotiate with your creditors in an attempt to find an agreement that both you and the creditors find acceptable. Unfortunately, if 50% or more of the creditors reject the consumer proposal, the consumer proposal cannot continue.  If that happens, your Insolvency Trustee will help you find another alternative to help you deal with your debts.



If you are overwhelmed with a financial crisis, J.P. Graci & Associates Ltd can help! Call us now at 519-753-7361.



WHAT OUR CLIENTS SAY?

The team at JP Graci has always been very helpful, having this company help me get out of massive credit card debt has made my life so much better! All I know is that its very easy to get into debt wh...

Fred L. January 9, 2018

The staff were lovely and incredibly helpful. They were empathetic with my stress from the bankruptcy. They also gave great advice on my credit recovery. Thanks especially to Paul for his service and...

Frank S. July 25, 2017

My decision to declare personal bankruptcy was a very stressful one. I wanted the end result to teach me about money and how to become a better money management. The team at JP Graci was encouraging ...

Mike D. June 9, 2017

I am very happy with J.P. Graci & Associates. They went over and beyond to help me. Thanks a million

Anne L. July 21, 2017

Thank you Paul and Norma for helping in a very difficult time in my life.

E.C. July 28, 2016

This service is amazing! The team at JP Graci helped me with the stressful decision of going through a negotiation an understandable and simple process. From the explanation to instructing me on the r...

James K. July 25, 2017

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