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.
MORE QUESTIONS
Do I qualify for bankruptcy? How long will I be bankrupt? How much will it cost? How will my credit rating be affected? If I declare bankruptcy, will I lose everything? Should I declare bankruptcy? Will I still be responsible for some debts after filing for bankruptcy? Does Filing for Bankruptcy in Canada Affect My Spouse? What is a bankruptcy discharge and the process involved? What is the OSB and what are their responsibilities? If I file a proposal or declare bankruptcy, what happens to my credit rating? What happens if my creditors vote against accepting my consumer proposal? Can I leave some creditors out of my consumer proposal? How Do I Get a Mortgage After A Consumer Proposal? Can a student with a government student loan go through bankruptcy or get a consumer proposal?
