Long term disability and consumer proposal

December 2nd, 2009 by Questions

I would like to know if it`s possible for someone on long term disability to make a consumer proposal? And also, if I have a 4000$ secured credit line where my truck is held as the security, can I offer them rrsp`s instead of my truck as a repayment option?

Posted from: Ontario

Questions

One Response to “Long term disability and consumer proposal”


December 03, 2009 at 9:01 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

The source of your income isn’t what determines whether or not a consumer proposal can be filed, but the amount of cashflow you have available at the end of the month. So assuming you do have some extra money available after your normal cost of living is considered a consumer proposal may very well be possible.

In terms fo the truck, the secured creditor will not care where the money for the truck comes from, they simply care that the payments are being made. So if you withdraw RRSP monies in order to make the payment they shouldn’t have any issues.

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