September 14th, 2012 by Questions
When you offer an amount to settle in a CP how do you creditors know that this is more that if you filed bankruptcy?
Posted from: Ontario
September 14, 2012 at 8:50 pm, A licensed trustee said:
When you file a consumer proposal your creditors are provided with the samne financial information they would have received if you had filed for bankurptcy. It is a relatively straight forward calculation for them to determine how much you would have had to pay if you filed for bankruptcy…
Before you set the amount you are offering in your proposal your trustee should have done this calculation for you… If you don’t know what this number is then you’re dealing with the wrong trustee.
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