Proposal done for 1 year
I want to do a proposal as I owe a total of about $40,000 to different creditors. I don`t like the idea of Bankruptcy. Can I negotiate to repay 30% or 40% if I can guarantee to all my creditors that I can pay within a 1 year period? Also are there any recommended trustee offices in Etobicoke in the evenings or weekend? Everyone seems to be Scarborough, Mississauga or downtown Toronto. Thanks for your help and this great site.
This is really dependent on what you are worth in a bankruptcy and to determine that I would need a little more information. The best thing to do would be a local trustee.
As for length of time, I have found that most creditors want to see around a 36 month payment period, but anything is negotiable.