Consumer Proposal Process – From Hell to Well in 8 Steps

Consumer Proposal Process – Here are the eight steps you can take to get from Hell to Well.

Infographic of the Consumer Proposal Process - from Hell to Well in 8 Steps

Step 1 – Initial Consultation with a Licensed Insolvency Trustee (LIT): Meet with a licensed professional to discuss your financial situation and learn about your options.

Step 2 – Evaluate Financial Situation: Your LIT will review your income, expenses, assets, and debts to get a clear picture of your financial status.

Step 3 – Prepare Proposal: The LIT will work with you to develop a consumer proposal that offers a repayment plan you can afford.

Step 4 – Submit Proposal: Your LIT will submit the proposal to your creditors.

Step 5 – Creditors Vote on Proposal: Your creditors will have 45 days to vote to accept or reject the proposal.

Step 6 – Proposal Accepted: If the majority of the creditors accept your proposal, all creditors are bound by it.

Step 7 – Make Payments: You’ll start making monthly payments as outlined in the proposal to your LIT who distributes it among your creditors.

Step 8 – Completion: Once all payments are made and the terms of the proposal are met, you will be legally released from the debts included in the proposal.

Contact us if you have any questions about the Consumer Proposal Process.

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