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Consumer Proposal Process and Fees

1. – If the process is handled by a Licensed Insolvency Trustee, do they handle all communications with creditors? I want to avoid the stress of doing it myself.

2. – Are trustee fees the same everywhere? Is there a fee schedule?

Posted from: Ontario

One Response to “Consumer Proposal Process and Fees”

A licensed trustee said...

If you file a proposal to creditors it MUST be handled by a trustee and they are responsible for communicating with your creditors and yourself. Think of the trustee as a sort of referee.

Trustee fees are set out in the law – we are paid a preparation fee of $1500 and 20% of all funds disbursed to your creditors during the proposal.

Be very careful who you speak to – if the person or comapny you are dealing with are NOT licenced trustees and they ask for a fee then you are wasting your money. After you pay their fee you will still have to go and deal with a trustee in order to file the proposal. Save your money – go and see a trustee directly.