Repayment of consumer proposal
February 17th, 2009 by Questions
Hello….my husband and I have $76,000 of unsecured debt, I am the only one in the household with a job or income, are the payments for the monthly consumer payments based on income? We are just trying desperately to hold on to our home…..
Posted from: Ontario
One Response to “Repayment of consumer proposal”
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February 18, 2009 at 10:55 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
What you need to do is to schedule a meeting with a local trustee so they can assess your situation and help you to determine what type of an offer they believe your creditors will accept.
The proposal is not based directly on your income, it is based on a combination of what type of recovery would be available in a bankruptcy, your monthly cash flow and what the creditors would consider reasonable.