a. The LIT will record the proposition with the Office of the Superintendent of Bankruptcy (OSB). Once your proposition is documented, you quit making installments specifically to your unsecured lenders. What’s more, if your loan bosses are gathering your pay (decorating your wages) or have documented claims against you, these activities are halted.
b. The LIT will present the proposition to your banks. The proposition will incorporate a report on your own circumstance and the reasons for your monetary troubles.
c. Banks then have 45 days to either acknowledge or dismiss the proposition. They can likewise do this either preceding or at the meeting of loan bosses, in the event that one is held.