Your trustee will ask you to provide information … discuss some of these options … He/she will recommend a consumer proposal if … make an informed decision …

While you must be insolvent, there is actually much more to it. … Can I file a consumer proposal jointly with another person? … Can I file a consumer proposal if I am bankrupt already? …

Figure out what portion of your debt to offer … You must offer your creditors a greater benefit … be able to make the payments … it is up to your creditors to accept …

Your trustee must prepare all of the paperwork … Some of these documents are … What the documents are for … file the forms with an Official Receiver … Notice to Creditors …

Your creditors have 45 days … may do one of the following … Outcome of the vote … Rejection is uncommon …

You may have lost your job. … Two payments could be rescheduled … it is possible to amend the proposal … contact your trustee … Your options at this point include …

Financial and debt terms, legal references, proposal-related documents and events, with links to further details.

Step 7 – After your proposal is completed

Well, it may have taken a while to get here, but you’ve made your last payment and now your proposal is complete. That’s great news.

Proof of Completion

Your trustee is going to send you a Certificate of Full Performance. That’s your proof that you satisfied all of the terms of your consumer proposal. You will also receive (perhaps not right away) something called a Statement of Receipts and Disbursements and a Notice of Taxation of the Administrator’s Accounts and the Discharge of the Administrator. These are the final documents that your trustee will send to you when your trustee closes your consumer proposal.

These final documents are sent to you, your creditors and the Official Receiver. The credit bureaus are actually notified by the government agency that employs the Official Receiver, not by your trustee. All of this takes time – sometimes a couple of months – depending on the backlog in the system.

Your new life

From this point forward, you may begin to rebuild your credit.

Whatever the original cause(s) of your financial problem, you have put them behind you and dealt with the debt. Hopefully, you’ve come through this a little wiser, a little more financially aware and therefore better able to deal with your finances in the future.

Remember how you felt when you started? Hopefully you’ll never have to feel that way again. If you recognize the same warning signs in your family or friends, you might want to “share your wisdom” and get them pointed in the right direction.

Congratulations on your fresh start!

We hope your find this step-by-step guide helpful. For a free consultation on whether a consumer proposal is right for you, contact a bankruptcy trustee near you.