Will My Consumer Proposal be Approved?
Your best chance of getting your consumer proposal accepted is when you have a Licensed Insolvency Trustee draft and submit a proposal to your creditors on your behalf. A Licensed Insolvency Trustee will have a sound understanding of what different creditors will need to receive in order for them to accept a proposal. There is always a small chance that your proposal can be rejected by your creditors. In the event that your proposal is not accepted, you can still negotiate with your creditors until an agreement is made. To get your proposal accepted, the majority of your creditors will vote yes on the proposal. Creditors have 45 days to vote or request a creditor’s meeting from the date your proposal was electronically filed. A meeting will be required if 25% of your unsecured creditors request a meeting. If your consumer proposal is accepted, all creditors shall be bound by the terms of the proposal.
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