[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/rkillen.ca\/licensed-insolvency-trustee-explains-consumer-proposals\/#BlogPosting","mainEntityOfPage":"https:\/\/rkillen.ca\/licensed-insolvency-trustee-explains-consumer-proposals\/","headline":"Licensed Insolvency Trustee Explains Consumer Proposals","name":"Licensed Insolvency Trustee Explains Consumer Proposals","description":"Licensed Insolvency Trustee Explains Consumer ProposalsWatch this video on YouTube In this video, Richard explains in simple language how consumer proposals in Toronto work as many people are not terribly familiar with them. First of all, a proposal is a proposal. There are two types, consumer proposals and regular proposals. The regular one has been […]","datePublished":"2018-02-19","dateModified":"2023-04-13","author":{"@type":"Person","@id":"https:\/\/rkillen.ca\/author\/adminrkillen\/#Person","name":"R. Killen","url":"https:\/\/rkillen.ca\/author\/adminrkillen\/","identifier":1,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/291a08cd2df156bf4f7bceb09e15cda94bbf15ef7e70c7db3a538bde0c4a0230?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/291a08cd2df156bf4f7bceb09e15cda94bbf15ef7e70c7db3a538bde0c4a0230?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Richard Killen and Associates","logo":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2018\/02\/Licensed-Insolvency-Trustee-Explains-Consumer-Proposals-01.jpg","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2018\/02\/Licensed-Insolvency-Trustee-Explains-Consumer-Proposals-01.jpg","height":720,"width":1280},"url":"https:\/\/rkillen.ca\/licensed-insolvency-trustee-explains-consumer-proposals\/","video":{"@context":"http:\/\/schema.org\/","@type":"VideoObject","@id":"https:\/\/www.youtube.com\/watch?v=WSal6tUvOOg#VideoObject","contentUrl":"https:\/\/www.youtube.com\/watch?v=WSal6tUvOOg","name":"Licensed Insolvency Trustee Explains Consumer Proposals","description":"http:\/\/rkillen.ca\/consumer-proposal-debt-credit-counselling-bankruptcies\/ In this video, Richard Killen, A Licensed Insolvency Trustee explains in simple language how consumer proposals in Toronto work as many people are not terribly familiar with them.  \n\nFirst of all, there are two types of proposals, consumer proposals and regular proposals. \n\nThe regular one has been around since day one, I think, 1920 or so, however, it was designed mainly for corporate and commercial situations. Instead of the company folding, they made a proposal to their creditors, to stay alive, keep the jobs going, keep the business running. Maybe they turn a corner and eventually everybody is happy. \n\nBut, what about the ordinary person? Until 1992, there was no mechanism in place for a similar approach to the debt. So, in 1992, Parliament amended the Bankruptcy Act, as it was called then and introduced something called a Consumer Proposal. \n\nThe proposal was designed for an ordinary person, instead of going bankrupt, which is what they did in those days, they could say \u201cno, I don\u2019t want to go bankrupt, I think I will try to reach a deal with my unsecured creditors\u201d. \n\nAnd the process is simple, it is streamlined compared to the commercial proposal. And it is really designed to make it as easy as possible for a person to make that accommodation. It\u2019s supposed to end up with a better result for everybody concerned. That is the whole idea what Parliament was trying to achieve.\n\nIf you are in financial difficulties and in debt, we encourage you to call our office for a free initial consultation. For over 25 years, we have helped good people to become debt free. \n\nContact us for a fresh start 1 (888) 545-5365\n\nIt may be the most stress relieving call you\u2019ll ever make!\n\nRichard Killen and Associates has 10 locations across the Greater Toronto Area.\n\nRichard Killen & Associates\n2130 Lawrence Ave\nEast Suite 402, M1R 3A6\nTel: (416) 285-9511\nhttp:\/\/rkillen.ca","thumbnailUrl":["https:\/\/i.ytimg.com\/vi\/WSal6tUvOOg\/default.jpg","https:\/\/i.ytimg.com\/vi\/WSal6tUvOOg\/mqdefault.jpg","https:\/\/i.ytimg.com\/vi\/WSal6tUvOOg\/hqdefault.jpg","https:\/\/i.ytimg.com\/vi\/WSal6tUvOOg\/sddefault.jpg","https:\/\/i.ytimg.com\/vi\/WSal6tUvOOg\/maxresdefault.jpg"],"uploadDate":"2018-03-21T20:11:17+00:00","duration":"PT1M36S","embedUrl":"https:\/\/www.youtube.com\/embed\/WSal6tUvOOg","publisher":{"@type":"Organization","@id":"https:\/\/www.youtube.com\/channel\/UCVqfGDwXy-OK5RHKZGkaMUw#Organization","url":"https:\/\/www.youtube.com\/channel\/UCVqfGDwXy-OK5RHKZGkaMUw","name":"Richard Killen & Associates Ltd","description":"Since 1992 we at Richard Killen & Associates have helped thousands of people resolve their financial problems. With over 22 years experience in this industry, our president, Richard Killen, and the rest of our team understand the difficulties that honest people can sometimes find themselves in. This expertise makes it possible to provide you with a service that effectively deals with the issues.\n\nThe strength of our company is exemplified by the manner in which we treat our customers. We understand the intense pressure people are under. You will feel better after having spoken with our staff and your sense of dignity will be restored. The relief most people feel is tangible.","logo":{"url":"https:\/\/yt3.ggpht.com\/ytc\/AIdro_nK1yzM56nIFCGmWO7scxw1pLTW2Z8LVLH_kg8kdbbfw5M=s800-c-k-c0x00ffffff-no-rj","width":800,"height":800,"@type":"ImageObject","@id":"https:\/\/www.youtube.com\/watch?v=WSal6tUvOOg#VideoObject_publisher_logo_ImageObject"}},"potentialAction":{"@type":"SeekToAction","@id":"https:\/\/www.youtube.com\/watch?v=WSal6tUvOOg#VideoObject_potentialAction","target":"https:\/\/www.youtube.com\/watch?v=WSal6tUvOOg&t={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"},"interactionStatistic":[[{"@type":"InteractionCounter","@id":"https:\/\/www.youtube.com\/watch?v=WSal6tUvOOg#VideoObject_interactionStatistic_WatchAction","interactionType":{"@type":"WatchAction"},"userInteractionCount":93}]]},"about":["Consumer Proposals"],"wordCount":261,"articleBody":"Licensed Insolvency Trustee Explains Consumer ProposalsWatch this video on YouTubeIn this video, Richard explains in simple language how consumer proposals in Toronto work as many people are not terribly familiar with them. First of all, a proposal is a proposal. There are two types, consumer proposals and regular proposals.The regular one has been around since day one, I think, 1920 or so, however, it was designed mainly for corporate and commercial situations. Instead of the company folding, they made a proposal to their creditors, to stay alive, keep the jobs going, keep the business running. Maybe they turn a corner and eventually everybody is happy.But, what about the ordinary person? Until 1992, there was no mechanism in place for a similar approach to the debt. So, in 1992, Parliament amended the Bankruptcy Act, as it was called then and introduced something called a Consumer Proposal.The proposal was designed for an ordinary person, instead of going bankrupt, which is what they did in those days, they could say \u201cno, I don\u2019t want to go bankrupt, I think I will try to reach a deal with my unsecured creditors\u201d.And the process is simple, it is streamlined compared to the commercial proposal. And it is really designed to make it as easy as possible for a person to make that accommodation. It\u2019s supposed to end up with a better result for everybody concerned. That is the whole idea what Parliament was trying to achieve.Today consumer proposals from a Licensed Insolvency Trustee are more popular than personal bankruptcy in Toronto."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Licensed Insolvency Trustee Explains Consumer Proposals","item":"https:\/\/rkillen.ca\/licensed-insolvency-trustee-explains-consumer-proposals\/#breadcrumbitem"}]}]