A consumer proposal is a legally-binding settlement between a debtor
and his creditors that can reduce the amount of debt by up to 70% or more.
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How to Avoid Bankruptcy
A consumer proposal is appropriate for someone that cannot repay his debts in full but has the means to repay a portion of the debt owing in an orderly manner. This allows him to avoid declaring bankruptcy.
A consumer proposal is a legal mechanism allowing a person to make an arrangement to pay back debts in a stipulated way. In most cases debts can be reduced to a fraction of the original amount and this usually works out to be 30% of the total debts. The repayment period may be extended up to 5 years with no interest added.
This arrangement is suitable for someone who cannot pay back his debts in full with interest. Once the consumer proposal is approved, it becomes a legally-binding contract between a debtor and his creditors.