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What does a voluntary deposit consist of?
What is it?
Voluntary deposit is a procedure that enables you to establish a monthly payment, calculated according to your wage and responsibilities, such as the number of dependents. This payment will be made to the Court, which will then distribute payments to creditors on a prorated basis. This solution will give you the opportunity to repay all amounts owing, including principal and interest. This program is generally controlled by the courthouse in your city.
By opting for a voluntary deposit, you will pay only 5% interest on your debts, regardless of who the creditor is. This solution also protects you from the seizure of furniture in your principal residence used in your everyday life, such as your refrigerator, stove, kitchen table, chairs and bed. However, you should be aware that your furniture may be seize, if any money is owing on it. In addition, voluntary deposit does not provide any protection against the seizure of immovable property or your vehicle. And lastly, this option applies only to Quebec. This means that if you move to another province, you will no longer be protected against a seizure.
In which situations is it a good solution?
If you are able to make deposits on an intentional basis, this option should be given priority, as it will prevent you from declaring bankruptcy. In addition, you will avoid the seizure of your wage (if you receive one) or your income (if you work as a self-employed person).
What are the main steps?
You will first appear before the Quebec Civil Court, and then make a declaration. Under the agreement reached with the Court, you will then be required to make your monthly payments to the Court until your debt is paid in full.
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