A.C. Poirier / Personal / Business Bankruptcy Solutions Introduction

By: Grant Thornton Limited  09-12-2011

There are a number of potential solutions available to resolve your personal financial difficulty. Some of these solutions can also deal with the assets and debts of sole proprietorships and personal debts related to business conducted in a corporation or company. We have provided a brief summary of each of the solutions available. Each situation is different and we invite you to take advantage of a no-charge confidential consultation (by telephone or in person) to discuss your specific circumstances. To arrange for your initial consultation, please call one of our Offices directly or use our toll free number 1-888-455-6060.

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A.C. Poirier / What is bankruptcy

You can become bankrupt voluntarily by filing an assignment in bankruptcy with a licensed Trustee in Bankruptcy, or involuntarily if one or more of your creditors files a Petition in Court seeking an order placing you into bankruptcy. In most cases, with the consent of the Trustee, you will be able to keep these types of assets provided that you continue to pay the lien or mortgage payments and that you settle the equity amount with the Trustee.


A.C. Poirier / Proposals

In order to have the Division I proposal approved, the unsecured creditors must vote in favour of its approval by a majority of the creditors and by two-thirds of the amount of the creditors' claims. A proposal is an offer to your creditors to settle your debts and is administered by a Trustee or an Administrator under the provisions of the Bankruptcy and Insolvency Act.