August 9th, 2009 by Questions

I`m considering a proposal. I have about $45000 in unsecured debt. Presently, I have kept up with my minimum payments, but I have been partially doing this by using one card to pay another. If I get a part-time job to eliminate this `robbing from Peter to pay Paul` does this effect my insolvency situation, i.e. am I then considered solvent and ineligible for a proposal?

Posted from: British Columbia


One Response to “Proposal”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

This shouldn’t impact your eligibility. The eligibility requriements needed to file a consumer proposal are fairly simply to meet.

Essentially you need to owe greater than $1,000 and not be able to pay your debts as they become due. As you can see your income really doesn’t have much to do with things. However, the best thing to do is for you to contact a local trustee prior to picking up additional employment to see if it is going to be necessary. You may find the proposal itself may be sufficient.

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