G. Slocombe & Associates Inc.: Negotiating a Debt Settlement

[jonathan palacios]

A consumer proposal can be made by any person who is insolvent and
whose debts are less than $250,000 (excluding a home mortgage). If the
debts are more than $250,000, the proposal must be made under Division
I of Part III of the Bankruptcy and Insolvency Act.

It is possible to make a joint consumer proposal. Two or more consumer
proposals may be joined where they could reasonably be dealt with
together because of the financial relationship of the debtors (i.e. a
large percentage of common creditors) and the total debts do not
exceed $250,000.

The payments you agree to make in a consumer proposal are the only
payments you will make. However, the trustee, who acts as the
"administrator" of the proposal, is permitted to withdraw a portion of
the funds available for the creditors in order to cover his fees. The
amount of fees allowed are prescribed by the Bankruptcy and Insolvency
Rules which may be found at the website of the Superintendent of
Bankruptcy.

G. Slocombe & Associates Inc.: http://www.cma1.ca/516