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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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What is a `reasonable` Consumer Proposal expectation?

I have been doing a lot of research debating the cost of a consumer proposal. I would like to know if it is a reasonable expectation to propose to pay 15 to 20 cents on the dollar. My total unsecured debt is $113,000. I may be able to offer 15 to 20% of this as a lump sum. In your opinion what are the chances of this being accepted?

Posted from: Ontario

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One Response to “What is a `reasonable` Consumer Proposal expectation?”

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

What a “reasonable” expectation for a consumer proposal is completely dependent on your financial circumstances as the type and size of offer needed will fluctuate based on your net income, monthly living expenses, nature and type of debts. The best thing for you to do when trying to gather this type of information is to meet directly with a local trustee . They will be able to evaluate your financial picture and help to determine what reasonable would be.

As for the lump sum offer you reference, id really depends on where this money is coming from. If it is coming from cash on hand that would be considered non-exempt should a bankruptcy be filed, then it wouldn’t be sufficient. But if it were being paid in by a 3 party and the money wouldn’t be available otherwise, then it may be something that would be considered.