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Voluntary deposit

Orderly Debt Payment

Voluntary deposit is a free measure provided by the Code of Civil Procedure.

To register for Voluntary Deposit, you must file a declaration at the Court of Quebec at your nearest courthouse.

An official for the voluntary deposit office will notify each creditor that the debtor has registered with the voluntary deposit plan.

This procedure assumes that the debtor will deposit the seizable portion of his salary each week at the courthouse where the official in charge will make a payment every three months to the debtor’s creditors. The debtor is obliged to pay the total amount of debt, in capital, interest at the legal rates and costs ( incurred by the creditors before the voluntary deposit).

As long as the debtor honours this agreement, in that said person deposits the seizable portion of their salary, the debtor’s creditors do not have the right to seize their salary, furniture or furnishings.

The portion of salary that may be seized varies between 20% and 30% of the gross salary, depending on the number of dependents. This amount is not tax deductable.

In closing, the amount the debtor is obliged to pay is equivalent to what the creditor would collect by seizing their salary.

For more information, please consult our page “Alternatives to Banruptcy“.