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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Minimum amounts?

What is the minimum amount that might be accepted by creditors for a consumer proposal? I owe nearly $30,000 in credit card debt and my income is about $1,000 a month (sometimes I make a little more but nothing steady).
I`d prefer a consumer proposal over bankruptcy but is that totally unrealistic? I could probably work out a payment of maybe $100 a month, maximum. Would that be a possibility?

Also, if was able to get a consumer proposal for $100 a month, what if my income increases in that 5-year period? Would I be allowed to make a higher payment one month (or more) if I was able, in order to pay it off more quickly?

And how much does the trustee charge for consumer proposals?
Thank you!

Posted from: British Columbia

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One Response to “Minimum amounts?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Every consumer proposal is different as it is crafted with respect to your monthly income, monthly expenses, amount and types of debt and the type of assets you have. The reason for this is we have to make an offer that is better than a bankruptcy, so first we have to determine what would happen in a bankruptcy. As a result you would need to consult with a local trustee to determine what type of offer is likely necessary to get the creditors cooperation.

As for the trustee’s charge, these fees are based on the total amount that is offered to the trustee so it will fluctuate based on the amount of the proposal itself.