Consumer P

March 11th, 2011 by Questions

we have around 40k in uns debt . Per our calculation in bankrupcy we have to pay 14000 over 21 months- If we offer just 15000 or 16000 in CP, will creditors likely to accept offer?

Posted from: Ontario

Questions

One Response to “Consumer P”



March 11, 2011 at 8:08 am, A licensed trustee said:

Assuming your calculation of the cost of filing bankruptcy is correct, then offering $15 or $16K in a proposal should be accepted.

When you file a consumer proposal you need to offer your creditors the GREATER of:

1) more than your creditors will be entitiled to receive if you filed for bankruptcy; and

2) enough to induce your creditors to vote for the deal – currently that means about 1/3 of what you owe.

There are no guarantees, but unless there is sometihng unusual about your situation an offer of $15,000 should work just fine…

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