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How to File a Consumer Proposal Without Leaving Your House

Filing a consumer proposal to get out of debt is easier than ever, thanks to the team of licensed insolvency trustees at D. & A. MacLeod Company! In fact, you can meet with a licensed insolvency trustee, draft your proposal, and submit it to your creditors without leaving your home. D. & A. MacLeod Company Ltd. is proud to offer virtual services for our clients across Ontario.

Here’s what you need to know about filing a consumer proposal remotely with the help of our team.

The Basics

Consumer proposals are a legal way to get out of debt by paying back less than you owe. A licensed insolvency trustee (LIT) reviews your financial situation and recommends a payment to be offered to your creditors. After receiving your instructions to file a consumer proposal, it is filed and submits a payment plan to your creditors. If the consumer proposal is accepted, you make monthly payments until the amount offered is paid in full.

How To File Consumer Proposals Using Virtual Appointments

Traditionally, clients wanting debt help would have to meet the LIT in person. Modern technology makes it possible to meet virtually, giving you and Canadians more options. Modern technology makes it possible to meet virtually, giving Canadians more options.

During your virtual consultation, you’ll need to provide information about your income, assets, debts, and expenses.

Drafting and Submitting Consumer Proposals

With the information provided during your virtual appointment and assessment of your financial situation; a consumer proposal will be drafted for your review; approval; and signature. Payments are based on what monthly payment can reasonably be made by you. The term of a consumer proposal is flexible, but in general, creditors, if they are accepting a compromise to resolve your debts, require payments over the maximum term of 60 months.

The LIT will then submit the proposal to your creditors, who can vote to accept, reject, or request a meeting of creditors. In consumer proposals filed by us, an individual’s consumer proposal is accepted in most engagements. Acceptance is by a simple majority of 50% of the dollar value of claims received plus $1.00. If accepted, all creditors are bound by the agreement even if an individual creditor does not agree and rejects the offer. A meeting of creditors is required if 25% of your creditors request one. Where a meeting is requested to clarify income; your expenses or the value of non-exempt assets you will be required to attend. We will be there to assist you with any questions or concerns which arise.

How Consumer Proposals Protect You

On the filing of your consumer proposal, no further action can be taken by any unsecured creditor, which protects you from future collection agency calls, lawsuits, and wage garnishment. You’ll then be required to pay according to the agreement to which you have agreed, and creditors have accepted. Once accepted, the consumer proposal becomes a legally binding agreement.

Consumer Proposals Via Virtual Appointments Across Canada

No matter where you live in Ontario, D. & A. MacLeod Company Ltd. can help. Whether a meeting in person or by virtual appointment, our experienced licensed insolvency trustees and staff will guide you through the consumer proposal process from start to finish. Book a virtual appointment, and let us help you find a new beginning™.


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