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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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Is a Debt Ratio considered

Is there a guideline or an applicable debt ratio for figuring out what a consumer proposal repayment plan should look like to be acceptable to a creditor?

For example, mortgages are usually approved if a borrowers debt ratio is within certain parameters. Is that same type of prinicple used when calculating what a manageable payment schedule (and total amount) would be in order to be acceptable (for both parties)?

Posted from: British Columbia

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One Response to “Is a Debt Ratio considered”

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

There is no ratio that is used in determining what is acceptable in the consumer proposal process. What the creditor typically focus on is your monthly cash flow, the nature of your standard monthly expenses and what you would be worth in a bankruptcy situation.

For an idea on what you would can expect a proposal would look like, or what percentage you would have to pay back you are best to conatace a local trustee , they will be able to meet with you, look at your situaiton and provide you an estimate of what they think will be necessary for the creditors to come on board.