With the excess of the holidays behind us, we start off the new year with a look at one of the realities of our consumer society: bankruptcy, specifically consumer proposals. A proposal constitutes an offer made by the debtor to the creditors, which they are free to accept or reject. Although approved by the court and by statute declared to be binding on all creditors, a proposal is in reality only a contract between the parties. Consumer proposals are dealt with under Part III, Division II of the Bankruptcy and Insolvency Act.
Jan 15, 2015READ MORE »