CP Payout

My family and I have about $90 K in unsecured debt. We rent and have one vehicle secured against Nissan Canada. We have about $13 K in RESP for children. We are in a jam cause of loss of job and spouse`s income not enough to survive. If we file bankruptcy, the only amount the creditors would roughly get would be around $15 K. If we proposed, say, $20 – $25 K immediate payout on a consumer proposal, would the creditors accept that. My parents are thinking of offering this to us to help us out in this regard.

Posted from: British Columbia

One Response to “CP Payout”

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

From what you have said there is a good possibility the creditors would accept a one time pay out consumer proposal of this nature. Now, this is going to depend on who the creditors as certain creditors have different requirements in order for them to come on board, so I would recommend you run this plan by a local trustee , but in my eyes there is definately a good possibility.