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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 Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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COST OF A CONSUMER PROPOSAL

MY TRUSTEE IS MAKING A CONSUMER PROPOSAL TO MY 5 CREDITORS. THE OFFER IS 60 CENTS ON THE DOLLAR WHICH WILL BE AROUND $21,000 IF EXCEPTED. THE TRUSTEE HAS ASK ME FOR $2,500 TO WRITE UP THE PROPOSAL. IS $2,500 A FARE PRICE TO PAY FOR A PROPOSAL.

Posted from: Ontario

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One Response to “COST OF A CONSUMER PROPOSAL”

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

In a consumer proposal the trustee’s fees are set by the legislation. So it is likely that this initial payment is simply a deposit and is not entirely reflective of what the fees will be.

In terms of whether a deposit of this size is normal, that really depends on the situation. Very rarely do I take a deposit like this up front, typically I simply have people make their first payment when they sign up, but this can change depedning on the nature of yoru siutation. If you don’t think this is a reasonable approace you may want to contact a different trustee, briefly explain your situaiton and see if they would require as large of an initial payment given your situation.