Lump sum payout
October 16th, 2009 by Questions
I owe about 80K in unsecured debt to RBC and most to CIBC. Have about 15K in RESP for children. Lost my high paying job and now receiving EI. Struggling to make ends meet. Don`t want to go into bankruptcy as it may affect my future in the banking and insurance industry. Is it possible to file a consumer proposal for say 25 cents on the dollar to be paid out as a lump sum and not over 3-5 years. Only real asset is the RESP at 15K and we are a family of 4 and not expecting to go over threshold to well over 9 months from now. Will the companies take that considering they will get way less in bankruptcy?
Posted from: British Columbia