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What are the requirements for filing a Consumer Proposal? To file a consumer proposal Winnipeg, you must be insolvent, (insolvency means you are unable to pay your debts as they come due, or the value of your property is less than your debts) owe between $1,000 and $250,000, and be a resident of Canada in order to file a consumer proposal. Winnipeg residents, and all Canadians, owing more than $250,000 can still file a proposal, just not a consumer proposal. Couples filing a joint proposal can file if they jointly owe under $500,000. What happens after a Consumer Proposal is filed? Once a consumer proposal is filed, creditors have 45 days to respond to the proposal and vote on the proposal. If 25% or more, by dollar value, of your creditors vote against the proposal and request a meeting of creditors, a meeting of creditors must be held. At the creditor meeting, the proposal will be accepted or rejected by a simple majority of creditors. If the proposal is initially rejected, it can be amended to something that will hopefully be accepted. If an agreement cannot be reached, bankruptcy is always an option. What are your duties in a Consumer Proposal Winnipeg? In a consumer proposal Winnipeg residents, and all Canadians, are required to attend the same two counselling sessions as in a bankruptcy. A credit counsellor will help you navigate this process. If the counselling sessions are not attended, the Consumer Debtor is not eligible for a certificate of Full Performance, which would otherwise be received once all payments are made. What are the benefits of a Consumer Proposal in Manitoba? • No loss of assets • No surplus income payment requirements • No impact on professional designations • No fees in addition to the proposal payments offered to creditors • No loss of tax refunds • Credit rating improves to R7 once completed • A Consumer Proposal can be a path to affordably repaying at least a portion of what you owe • The end result of a Consumer Proposal will be to get you out of debt • A Consumer Proposal may be an avenue to affordable payments • A Consumer Proposal will eliminate additional interest charges • Once your Consumer Proposal is filed, you will be automatically protected from collection efforts by your creditors through a Stay of Proceedings • A Consumer Proposal will protect you from garnishments • Consumer Proposals are by nature flexible – yours can be tailored to your unique needs
