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will I be eligible for consumer proposal when I have over $18000 in debt

One of my friends went to a trustee to deal with outstanding debt and owed over $32000 in debt and only had to pay back $3200 in a proposal. These cash settlements are they common and would I be eligible for it when I have over $18000 in debt I am trying to deal with and I can’t pay it all.

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One Response to “will I be eligible for consumer proposal when I have over $18000 in debt”

A licensed trustee said...

Consumer proposals are in many cases a great way to deal with your debts. How much you will have to pay in your proposal will depend on your income and other assets; your creditors will only accept your proposal if it is a good deal for all parties.

Click on the Find An Expert link on the right hand side of the page to contact a local trustee to review your situation, and recommend an appropriate proposal for your circumstances.