Voluntary deposit

Known as the « Lacombe Law », this solution is only for Quebec Province residents.

You will have to make a monthly payment to the Court which will be determined on your gross salary and on the number of persons in your family unit. You bring all your debts except mortgage on your house and loan secured by your car.

As long as you make the monthly payments to the Court, you will be protected from seizure of your salary and furniture. The interest rate of your debts will now be of 5% per year only and, you will pay until the full amount of all your debts is paid. Since the monthly payment is based on your gross salary, make sure that it fits your budget.

Your credit rating (R-9) will be the same as if you choose the bankruptcy.

Example :

500.00$ Gross income per week
-120.00$ Given exemption
380.00$ You will have to pay 30% incoming, 114$ per week

If you have 1 or 2 dependants, the exemption will be of 180$, so you will have to pay to the Court 30% of the balance meaning 96$ per week.
500.00$ – 180.00$ X 30% = 96.00$

If you have 3 dependants, the exemption will be 210$ and you will pay 87$ per week.
500.00$ – 210.00$ X 30% = 87.00$

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