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Do I pay back my full debt during the Consumer Proposal process?

Do I pay back my full debt during the Consumer Proposal process?

No, you make an offer to pay your creditors a specific amount based on your current financial situation.

This amount varies depending on your income and assets but it can be as low as 30% of your current debts. Once the creditors accept your offer, that this what you are committed to pay and the balance is forgiven once you have met that commitment

 


 

Related articles:

What Types Of Debts Can Be Included In A Proposal?

 

Mr. Wasser, I got my paperwork in the mail yesterday informing me of my discharge, so thank you very much! I wanted to say “Thank You” for everything you have all done for me. I hope you and everybody over there have a great and safe happy holiday.

Regards,
N V (North York)

 


 Do I pay back my full debt during the consumer proposal process?

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