July 9th, 2011 by Questions
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.
Posted from: Ontario
July 09, 2011 at 6:24 am, 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.
Log in to Reply
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.)
You must be logged in to post a comment.