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:

• Choose a Edmonton Bankruptcy Trustee such as Alger & Associates Inc.
  
  

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

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

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

• Public utilities may not discontinue service.
  
  

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

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

• 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.