How long should I wait to do Proposal?

September 23rd, 2006 by Questions

I was in a debt management plan and fell off track in November 2004 because there were more creditors to be added to the program and it wasn’t possible at the time. It is now September 2006, I want to do a consumer proposal for $25000 worth of debt and am asking for debt relief to pay off a portion of it, if only half or less.
Does it matter the length of time that passes or what? I still have my house. $32000 market value.

debt management plan, consumer proposal


One Response to “How long should I wait to do Proposal?”

, A licensed trustee said:

There is no time limit between when you file a debt management plan and when you file a consumer proposal. If your house has a market value of $32,000 and no mortgages, or if the equity in your house is $32,000 (the difference between the selling price and the amount owing on mortgages), and you have $25,000 in debt, your creditors will probably only accept a consumer proposal if they get paid in full, which is presumably why you filed a debt management plan in the first place.

You should contact a licensed trustee to review your situation and determine how much it would likely cost to make a successful proposal.

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