A proposal is a legal process which enables you to make an offer to your creditors to modify your payments or to pay them a percentage of what you owe. A proposal allows a fresh start without going bankrupt.

Briefly the steps are:

1. Choose a Trustee such as Alger & Associates Inc.
   
   

2. The Trustee will help you prepare a Statement of Affairs which lists all of your assets, creditors, income, expenses and other pertinent information.
   
   

3. Your finances will be reviewed and the Trustee will assist you in preparing a proposal to your creditors.
   
   

4. After you make your proposal, most creditors are no longer able to pursue you for collection of their accounts.
   
   

5. Public utilities may not discontinue service.
   
   

6. You make your payments to the Trustee who will pay your creditors until the terms of your proposal have been met.
   
   

7. You will be required to attend two financial counselling sessions.
   
   

8. Once you have met the terms of your proposal, you will receive a document stating that you completed your proposal and you will have no further obligation for the debts covered in your proposal.

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   This site provides free information about personal bankruptcy in Calgary and personal bankruptcy alternatives in Calgary, including answers to common personal bankruptcy questions.