Difference between revisions of "Consumer and Ordinary Proposals"

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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.