Most people do not necessarily know what to do with accumulating debts. We, at Boudreau Richard, would like to offer you solutions to this kind of problems.

Proposal

Most of you heard about bankruptcy, but under certain circumstances, avoiding it could be advantageous. Proposal is an alternative, and consists in an offer to your creditors. This determines the proportion and timetable over which you are able to pay them. The details are elaborated in collaboration with a trustee, and conditions depend on your actual and future financial condition. All creditors will be invited to vote on whether they want the offer accepted or rejected.

Bankruptcy

Bankruptcy protects you from most legal procedures engaged by your creditors, and voids most of your debts, as stated by the Law on bankruptcy and insolvency. Seizures and lawsuits are suspended and creditors are no longer allowed to contact you. You then might have to assign some of your assets to the trustee, who will do what is necessary to get each creditor their share. In most personal bankruptcy cases, this usually consists in a monthly payment prescribed by the law.