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Alternatives to Bankruptcy

I have credit card loan of 29,000 with CIBC Visa and another $5000 loan with MasterCard. My Monthlly payment is about $750+. I can no longer pay this monthly minimum payment due to living costs, since after paying the minimum payment, paying rent and utilities, I get nothing left over for living costs (i.e.: food).
If I could file a consumer proposal, whats the minimum amount that I`d need to pay?

Posted from: Ontario

One Response to “Alternatives to Bankruptcy”

Barton Goth GCO Bankruptcy Trustees said...

It is impossible to quote you a minimum for a consumer proposal as every situation is different. As well it is very directly related to three things, a) your monthly income, b) your monthly expenses, and c) how much you are worth to the creditors in a bankruptcy. From the information provided it is impossible to project what type of payment would be necessary. To do this you would have to meet with a local trustee, they will be able to review things in a fair bit of detail and provide you with the estimate you are looking for.