In 2019, consumer insolvencies were started and filed across Canada. Among them, 60% of the proposals were planned according to the team's plans. Some common implications of the consumer proposals are balanced with the team.
How does Your Consumer Proposal Alberta work?
Your creditors are instantly protected when all the paperwork is filed electronically to the government. All of your creditors are then sent the plan by the LIT, who gives them the option to accept or reject it. Your idea will be accepted if it receives a majority of the vote; else, you will need to come up with a different solution. However, creditors have 45 days to vote or call a meeting; if they don't do either within that time, the plan is taken to be accepted.
Consumer proposals have a 60-month duration. You can, however, pay off your debts sooner if you can pay more each month. Additionally, the proposal is interest-free, so your monthly payment would be a set sum.