The process of financial recovery can be a confusing one and F. J. Zielski & Associates Inc. would like to help make it easier by offering a selection of definitions for various terms you may be involved with. If you require additional definitions, please feel free to contact us, and we will help you as much as possible. You can find us in Belleville, Kingston, and Trenton. You can also call for help in Cobourg.
A consumer proposal is an alternative to bankruptcy, where you offer to pay your creditors a percentage of what you owe them over a specific period of time. It is a compromise of your debt, where by you are able to retain your assets. Generally, you would make monthly payments to a trustee, and the trustee will use that money to pay your creditors. The amount you pay depends on your personal situation and the amount of money you make.