The steps to start the consumer proposal requires you to meet with a Licensed Insolvency Trustee. The documents you’ll need to bring to her for review are similar to the outline described here. At the initial consultation meeting, the trustee will determine what type of settlement you can afford to pay and what your creditors will accept. A consumer proposal is usually designed so that you can make monthly payments against the amount settled as opposed to paying one lump sum.
Once both you and the trustee have decided on a consumer proposal you can afford to pay, you’ll sign the legal documents for the proposal which will be filed by your trustee with the Office of the Superintendent of Bankruptcy.Will filing a consumer proposal stop wage garnishments and collection agencies? »