how much maximum I have to propose to get an acceptable proposal

July 12th, 2007 by Questions

I have almost $110 k debt altogether in my credit card and line of credit excluding mortgage. my mortgage is around 93000 dollar, and my income $3400 after tax permonth.Market value of my condo is approximately $130k .
We are a 3 member family with an 8 year old child. my spouse is not working.
The mortgage is in both of our name also she co-signed for the line of credit of 32000 and 5000 equity plan credit. All other debts are just my name only.
If I go for a proposal, how much maximum I have to propose to get an acceptable proposal? What should I propose minimum.
Is it possible to propose my spouse and me together for a division 2 proposal? I would like to avoid bankruptcy.
Is that necessary to include my wife. If I don\’t how it will effect her?
What do you suggest in my case a proposal or bankruptcy

Questions

One Response to “how much maximum I have to propose to get an acceptable proposal”


, Barton Goth GCO Bankruptcy Trustees said:

If you look at doing a joint proposal you will have to file a Division I Proposal as you are over the $75,000 limit that applies to a consumer proposal. Don’t fear, the filing of a Div I is very similar to a consumer proposal and will ultimately accomplish the same purpose.

As for an estimate, to do this you should really contact a local trustee as it is not only income and debt level that gets factored in but the exemptions available in the province you live also can be essential factors.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)