Question about Consumer Proposals

I have $30,000 in credit card/consolidated loan debt and I`m considering a consumer proposal. I feel Bankruptcy is not an option because I have student loans, and I`m aware they they don`t discharge for like 7 years. I was wondering if Citi, HBC, CIBC, and TD Canada Trust are ok with consumer proposals? I was thinking at least 60 cents to the dollar. I hope this question is not too complicated.

Posted from: Alberta

One Response to “Question about Consumer Proposals”

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

From the sounds of things you are on the right track. All the creditors you mentioned regularly accept proposals. The percentage you are willing to offer may be appropriate, but this is not possible to determine until you meet with a local trustee.

The only thing that catches my eye is your student loan. I just wanted to ensure you were aware that the same 7 year rule that exists with a bankruptcy and student loans also exists with a consumer proposal.