Consumer Proposal Process and Fees
December 21st, 2012 by Questions
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”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
December 21, 2012 at 10:03 pm, 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.