Financial difficulties can arise at any time. More often than not, a Consumer Proposal can help you satisfy your creditors without having to go bankrupt.
Kunjar Sharma & Associates Inc. has filed over 6,000 Consumer Proposals and recognizes the need to help you better understand the Consumer Proposal process and how it may help address your financial needs. The purpose of this booklet is to explain in simple terms the duties, the restrictions and the responsibilities imposed on a person who files a Consumer Proposal.
The provisions of the Bankruptcy and Insolvency Act (“the Act”) dealing with Consumer Proposals are intended to help reduce the number of bankruptcy filings by allowing the consumers who owe less than $250,000 (excluding mortgages on their principle residences), to negotiate with their creditors for the reduction of their debt and/or for an extension of the time for payments of their debts. The procedure to be followed for Consumer Proposals is very streamlined.