Pension/EI & Filing Proposal
Hello, I am in my late 60`s and just recently lost my job. I have a pension and am wondering whether a pension is considered as an income when filing a consumer proposal – in the fact that I would be able to file and have the proposal accepted with only using my pension as income. I do not want to file bankruptcy and risk losing my assets. Thank you in advance for youe advice.
Posted from: Ontario
When looking at filing a consumer proposal your total income is considered. This will definitely include your pension. When your creditors are evaluating a consumer proposal l and trying to determine whether or not they are going to cooperate they consider two major things that relate to your income. First is your consistency of income, and as a pension is a lot less sensitive to changes in the economy you shouldn’t have any issues with that. The second major consideration is your monthly cash flow (i.e. can you afford to make the proposal payment each month, and are making a realistic offer to the creditors based on how much you are making and the types of monthly expenditures you have.