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You made me feel comfortable and offered your help at a time when I thought no one could. I am now in a great place in my life, thank you.

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You made me feel comfortable and offered your help at a time when I thought no one could. I am now in a great place in my life, thank you.

- individual we've assisted

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Consumer proposal in Dryden

A consumer proposal in Dryden, and throughout Ontario, is a legal process which enables the Trustee to make an offer to your creditors to stop interest accumulation and pay them a percentage of what you owe — this can be up to 75% less than your total debt balance owing! A proposal allows you a fresh start without going bankrupt.

You can make a proposal (or file bankruptcy) if you:

  • are not presently in bankruptcy

  • owe at least $1,000

  • are not able to meet your regular payments as they become due; or

  • would not be able to pay all of your debts if all of the assets you are not allowed to keep are sold

Your company, partnership, or business may also file bankruptcy or make a proposal if it meets the above requirements.

However, any unsecured creditor to whom you owe more than $1,000 could try to force you into bankruptcy. In this case, the creditor must prove that you have committed an act of bankruptcy, such as not paying your bills as they came due. The court reviews the facts and, if the application is successful, issues a bankruptcy order which places you in bankruptcy by the creditor.

We will assist you every step of the way:

The steps to making a consumer proposal are:

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

  • our finances will be reviewed and the Trustee will assist you in preparing a proposal to your creditors

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

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

  • You will be required to attend two financial counselling sessions

  • 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

Creditors are not required nor do they have any legal obligation to arrange alternative payment terms with you. Furthermore, the creditor can end special arrangements at any time with little or no notification. Also, this option may not stop collection agents from calling. A consumer proposal can solve this problem.

Our Licensed Insolvency Trustees and Administrators are familiar with all aspects of Canadian bankruptcy law.

Talk to us about your options:

If you are considering a consumer proposal in Dryden, Thunder Bay, Fort Frances or other areas of Northwestern Ontario, you should speak to one of our professionals at Grant Thornton at 310-8888 for a free, no obligation, confidential consultation.

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