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Consumer proposals are, in effect, proposals for the elimination of a certain part of the debts of an individual on the verge of bankruptcy. They must be framed with the help of a consumer proposal administrator who draws out a legal framework for the procedure. These proposals are legally binding and hence they must be formulated very carefully. A consumer proposal has to be voted in favor of by the creditors before a part of the debts is waived off. Only a part of the debts are usually written...