No help from spouse
I note that in the case of a proposal to creditors, family disposable income is considered for the debt repayment schedule. However, my spouse contributes nothing to the household expenses. Instead, she provides the means to may off one of my on-line of credit that was used to settle her debts, as well as paying for the living expenses, including rent, of an adult child (not mine) who refuses to work. How will this be viewed by my creditors?
How the creditors will react to this is difficult to predict. From the original proposal they may not have a very clear picture of what is taking place and may request a creditor meeting to flush out some of the details. However, the creditor’s biggest concerns are typically:
1. Can you afford the proposed payment schedule;
2. Are you offering up a sufficient amount of money over what would be available in a bankruptcy; and
3. How dependable are your revenue streams.
I suggest you discuss this issue with a licensed trustee in your area and he will be able to help you develop a proposal that will be easily understood by the creditors and have the greatest likelihood of success.