Consumer Proposal Thunder Bay

A consumer proposal is a legal process which enables you to make an offer to your creditors to modify your payments or to pay them a percentage of what you owe. A proposal allows a fresh start without having to declare bankruptcy.

Briefly the steps are:

1. Choose a Trustee such as Grant Thornton in Thunder Bay
   
   

2. The Trustee will help you prepare a Statement of Affairs which lists all of your assets, creditors, income, expenses and other pertinent information.
   
   

3. Your finances will be reviewed and the Trustee will assist you in preparing a proposal to your creditors.
   
   

4. After you make your proposal, most creditors are no longer able to pursue you for collection of their accounts.
   
   

5. Public utilities may not discontinue service.
   
   

6. You make your payments to the Trustee who will pay your creditors until the terms of your proposal have been met.
   
   

7. You will be required to attend two financial counselling sessions.
   
   

8. Once you have met the terms of your proposal, you will receive a document stating that you completed your proposal and you will have no further obligation for the debts covered in your proposal.

   If you are in Thunder Bay and considering bankruptcy, we will be pleased to arrange a FREE consultation to talk about how you can start picking up the pieces.

   

   979 Alloy Drive, 3rd Floor
   Thunder Bay, Ontario
   P7B 5Z8
   Phone: (807) 345-6571
   Fax: (807) 346-7304
   Email: ffabiano@grantthornton.ca
   Web: www.bankruptcy-thunderbay.com
   
   
   

    

    

    

   This site provides free information about personal bankruptcy in Thunder Bay and personal bankruptcy alternatives like consumer proposals.