What is a Proposal?

Proposals are an alternative to bankruptcy. They allow you to make an arrangement with your creditors to have you pay off only a portion of your debts, extend the time you have to pay off the debt, or some combination of both.

Proposals can be made by both individuals (personal) or corporations (business) by a trustee in bankruptcy working on your behalf. The proposal consists of an offer which is either approved or rejected by your creditors.

For more details, see:

• Personal Proposals – Avoiding Bankruptcy
• Business Proposals – How to Save a Business

If you have any questions, please do not hesitate to contact any of our offices.