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I currently owe about $36000 in unsecured debt, and I would rather file a proposal instead of bankruptcy. I am planning on offering $350/mth for 24 months.

Does that seem like an acceptable offer? It will be more then they would recieve in bankruptcy.. so I`m wondering what the chances are for acceptance. I don`t want to go up to 36 months. Posted from: Alberta

One Response to “Payment”

A licensed trustee said...

I supect that if you offer your creditors $350 for two years they will counter offer and ask for $350 for 4 (or even 5 years).

The trick with a proposal is to offer your creditors more than they will receive in a bankruptcy, but keep in mind they have to agree to your terms.

Before you get set on an amount in your head, you should speak to a trustee in your area to find out what terms are generally accepted – that will give you a much better idea of what you’ll need to offer your creditors.