Consumer and Ordinary Proposals - Revision history

Drew Jackson at 14:39, 9 October 2018

2018-10-09T14:39:38Z

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	== Client problems ==		== Client problems ==
	* Client wants advice on repaying debts and has the financial ability to pay something toward all of them, but needs a lower overall monthly payment and additional time to pay.		* Client wants advice on repaying debts and has the financial ability to pay something toward all of them, but needs a lower overall monthly payment and additional time to pay.

	== Summary of the law ==		== Summary of the law ==
	[[File:Consumer_Law_and_Debt_-_Consumer_and_Ordinary_Proposals.jpg\|thumb\|275px\|right\| link=\| <span style="font-size:50%;">Image via www.istockphoto.com</span>]]		[[File:Consumer_Law_and_Debt_-_Consumer_and_Ordinary_Proposals.jpg\|thumb\|275px\|right\| link=\| <span style="font-size:50%;">Image via www.istockphoto.com</span>]]

Elena Renderos at 05:30, 20 September 2018

2018-09-20T05:30:08Z

← Older revision		Revision as of 05:30, 20 September 2018
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	== Summary of the law ==		== Summary of the law ==
			[[File:Consumer_Law_and_Debt_-_Consumer_and_Ordinary_Proposals.jpg\|thumb\|275px\|right\| link=\| <span style="font-size:50%;">Image via www.istockphoto.com</span>]]
	The federal [http://canlii.ca/t/7vcz ''Bankruptcy and Insolvency Act''], in Part III, contains the provisions under which a debtor can make a '''proposal''' to all or a class of creditors (for example, only unsecured creditors) to pay off a percentage of their debts, after which the debtor will be discharged at law from owing the balance of the debts to those creditors.		The federal [http://canlii.ca/t/7vcz ''Bankruptcy and Insolvency Act''], in Part III, contains the provisions under which a debtor can make a '''proposal''' to all or a class of creditors (for example, only unsecured creditors) to pay off a percentage of their debts, after which the debtor will be discharged at law from owing the balance of the debts to those creditors.

Elena Renderos at 19:37, 19 September 2018

2018-09-19T19:37:36Z

← Older revision		Revision as of 19:37, 19 September 2018
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	== Related topics and materials==		== Related topics and materials==
	See the other sections on getting out of debt:		See the other sections on getting out of debt:
	* Debtor’s Options for Getting Out of ~~Debt~~		* [[Debtor’s Options for Getting Out of Debt]]
	* Assignments in ~~Bankruptcy~~		* [[Assignments in Bankruptcy]]
	* Orderly Payment of ~~Debts~~		* [[Orderly Payment of Debts]]

	See related topics:		See related topics:
	* Types of Lenders and Creditors		* [[Types of Lenders and Creditors]]

	See also People’s Law School’s page on [https://www.peopleslawschool.ca/everyday-legal-problems/money-debt/getting-out-debt/making-consumer-proposal making a consumer proposal] and the page “[http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/h_br01854.html You Owe Money]” from the Office of the Superintendent of Bankruptcy Canada.		See also People’s Law School’s page on [https://www.peopleslawschool.ca/everyday-legal-problems/money-debt/getting-out-debt/making-consumer-proposal making a consumer proposal] and the page “[http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/h_br01854.html You Owe Money]” from the Office of the Superintendent of Bankruptcy Canada.

Elena Renderos at 23:45, 16 September 2018

2018-09-16T23:45:44Z

← Older revision		Revision as of 23:45, 16 September 2018
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	The federal [http://canlii.ca/t/7vcz ''Bankruptcy and Insolvency Act''], in Part III, contains the provisions under which a debtor can make a '''proposal''' to all or a class of creditors (for example, only unsecured creditors) to pay off a percentage of their debts, after which the debtor will be discharged at law from owing the balance of the debts to those creditors.		The federal [http://canlii.ca/t/7vcz ''Bankruptcy and Insolvency Act''], in Part III, contains the provisions under which a debtor can make a '''proposal''' to all or a class of creditors (for example, only unsecured creditors) to pay off a percentage of their debts, after which the debtor will be discharged at law from owing the balance of the debts to those creditors.

			The proposal provisions are not the same as an [[Assignments in Bankruptcy\|assignment in bankruptcy]]. Proposals are designed to provide an alternative to bankruptcy for those debtors who have some ability to pay on their debts. In a bankruptcy, the debtor gives up what they own to eliminate their debts. A proposal is aimed at the debtor who has some ability to pay on their debts, but who cannot pay off all their debts over a reasonable time because of the overall amount due relative to the monthly income available to make payments.
	The proposal provisions are not the same as an assignment in bankruptcy. Proposals are designed to provide an alternative to bankruptcy for those debtors who have some ability to pay on their debts. In a bankruptcy, the debtor gives up what they own to eliminate their debts. A proposal is aimed at the debtor who has some ability to pay on their debts, but who cannot pay off all their debts over a reasonable time because of the overall amount due relative to the monthly income available to make payments.

	The ''Bankruptcy and Insolvency Act'' provides for two types of proposals: consumer proposals and ordinary proposals.		The ''Bankruptcy and Insolvency Act'' provides for two types of proposals: consumer proposals and ordinary proposals.

Elena Renderos at 22:15, 9 September 2018

2018-09-09T22:15:52Z

← Older revision		Revision as of 22:15, 9 September 2018
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	== Summary of the law ==		== Summary of the law ==
	The federal [http://canlii.ca/t/7vcz ''Bankruptcy and Insolvency Act''], in Part III, contains the provisions under which a debtor can make a proposal to all or a class of creditors (for example, only unsecured creditors) to pay off a percentage of their debts, after which the debtor will be discharged at law from owing the balance of the debts to those creditors.		The federal [http://canlii.ca/t/7vcz ''Bankruptcy and Insolvency Act''], in Part III, contains the provisions under which a debtor can make a '''proposal''' to all or a class of creditors (for example, only unsecured creditors) to pay off a percentage of their debts, after which the debtor will be discharged at law from owing the balance of the debts to those creditors.

Elena Renderos at 22:15, 9 September 2018

2018-09-09T22:15:22Z

← Older revision		Revision as of 22:15, 9 September 2018
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	== Summary of the law ==		== Summary of the law ==
	The federal ~~[http://canlii.ca/t/7vcz~~ [http://canlii.ca/t/7vcz ''Bankruptcy and Insolvency Act''], in Part III, contains the provisions under which a debtor can make a ~~'''~~proposal~~'''~~ to all or a class of creditors (for example, only unsecured creditors) to pay off a percentage of their debts, after which the debtor will be discharged at law from owing the balance of the debts to those creditors.		The federal [http://canlii.ca/t/7vcz ''Bankruptcy and Insolvency Act''], in Part III, contains the provisions under which a debtor can make a proposal to all or a class of creditors (for example, only unsecured creditors) to pay off a percentage of their debts, after which the debtor will be discharged at law from owing the balance of the debts to those creditors.


	The proposal provisions are not the same as an assignment in bankruptcy. Proposals are designed to provide an alternative to bankruptcy for those debtors who have some ability to pay on their debts. In a bankruptcy, the debtor gives up what they own to eliminate their debts. A proposal is aimed at the debtor who has some ability to pay on their debts, but who cannot pay off all their debts over a reasonable time because of the overall amount due relative to the monthly income available to make payments.		The proposal provisions are not the same as an assignment in bankruptcy. Proposals are designed to provide an alternative to bankruptcy for those debtors who have some ability to pay on their debts. In a bankruptcy, the debtor gives up what they own to eliminate their debts. A proposal is aimed at the debtor who has some ability to pay on their debts, but who cannot pay off all their debts over a reasonable time because of the overall amount due relative to the monthly income available to make payments.

Elena Renderos at 22:14, 9 September 2018

2018-09-09T22:14:22Z

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 {{REVIEWEDPLS | reviewer = [[Alison Ward]]|date= August 2018}}{{Consumer and Debt Law TOC|expanded = out}}
-{{ambox
+A '''proposal''' is an offer a debtor makes to their creditors to settle their debts. The offer can be to pay them a percentage of what is owed, to extend the time to pay them, or both.
-| type       = content
-| small      = center
+== Client problems ==
-| image      =
+* Client wants advice on repaying debts and has the financial ability to pay something toward all of them, but needs a lower overall monthly payment and additional time to pay.
-| smallimage =
-| textstyle  =
+== Summary of the law ==
-| text       = This page is in the process of being updated. Please check back shortly.<br>
+The federal [http://canlii.ca/t/7vcz [http://canlii.ca/t/7vcz ''Bankruptcy and Insolvency Act''], in Part III, contains the provisions under which a debtor can make a '''proposal''' to all or a class of creditors (for example, only unsecured creditors) to pay off a percentage of their debts, after which the debtor will be discharged at law from owing the balance of the debts to those creditors.
-| smalltext  =
-}}
+The proposal provisions are not the same as an assignment in bankruptcy. Proposals are designed to provide an alternative to bankruptcy for those debtors who have some ability to pay on their debts. In a bankruptcy, the debtor gives up what they own to eliminate their debts. A proposal is aimed at the debtor who has some ability to pay on their debts, but who cannot pay off all their debts over a reasonable time because of the overall amount due relative to the monthly income available to make payments.
 {{Consumer and Debt Law Navbox|type = debt}}

Drew Jackson at 04:26, 29 August 2018

2018-08-29T04:26:49Z

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Drew Jackson at 04:06, 29 August 2018

2018-08-29T04:06:24Z

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	{{REVIEWEDPLS \| reviewer = [[Alison Ward]]\|date= ~~June~~ 2018}}{{Consumer and Debt Law TOC\|expanded = out}}		{{REVIEWEDPLS \| reviewer = [[Alison Ward]]\|date= August 2018}}{{Consumer and Debt Law TOC\|expanded = out}}

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Elena Renderos at 03:51, 9 July 2018

2018-07-09T03:51:56Z

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	{{REVIEWEDPLS \| reviewer = [[Alison Ward]]\|date= June 2018}}{{Consumer and Debt Law TOC}}		{{REVIEWEDPLS \| reviewer = [[Alison Ward]]\|date= June 2018}}{{Consumer and Debt Law TOC\|expanded = out}}

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	{{Consumer and Debt Law Navbox}}		{{Consumer and Debt Law Navbox\|type = consumer}}

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