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Voluntary deposit is a measure provided for by the Quebec Civil Code designed to protect you against wage garnishment and the seizure of certain property. This solution allows you to pay your debts through the Court at regular intervals. The Court then divides your payment among your creditors. Payments must be made until you have paid back 100% of your debts.
By opting for voluntary deposits, you commit to reimbursing your creditors by paying a percentage of your salary until your debts are paid back. The voluntary deposit amount is set by law and may surpass your budget.
The seizable part of your salary corresponds to 30% of your gross income after deduction of amounts provided for dependents. However, this percentage can increase to 50% of gross income if alimony is part of the voluntary deposit.
It is recommended you meet with a professional to learn if a voluntary deposit is the solution to your debt.
Protects against wage garnishment and seizure of certain assets.
The interest rate corresponds to the legal rate, i.e., 5%.
A voluntary deposit has some limitations:
Consider a voluntary deposit as a solution if:
Note that the voluntary deposit may affect your credit file in the same way as a bankruptcy.
This debt solution doesn’t protect you against the seizure of real estate and some other personal property. For more information about the voluntary deposit and the process, please contact an insolvency professional at Ginsberg Gingras.
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