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bankruptcy vs proposal

We have no surplus income, can we still file for a proposal to avoid bankrupcy and how much we will be paying monthly? We have no assets.
Thanks

Posted from: Ontario

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One Response to “bankruptcy vs proposal”

A licensed trustee said...

Yes you may file for a consumer proposal if you don’t have an obligation to pay surplus income in bankruptcy. As to how much you may be required to pay – it depends on your debts, income and family size.

The current requirement when you file/offer your creditors a proposal is the greater of:
1) what they wouild receive in a bankruptcy (which in your case sounds like a minimal amount; and
2) 1/3 of what you owe

Use the links to contact a trustee in your area and they can explain the process in greater detail for you.