Consumer Proposal Inquiry

I am indebted to a bank in the amount of $27K. If through the help of a Consumer Proposal by a trustee, it will be arranged that I pay half- about $13.5K, how much will I have to pay my trustee??

Posted from: Ontario

One Response to “Consumer Proposal Inquiry”

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

The cost of filing a consumer proposal is determined by a tarrif that is contained in the Bankruptcy and Insolvency Act. This tarrif is approximately 20% of what is distributed to creditors. So if you offered a total of $13,500 in a consumer proposal the creditors would receive approximately $9088.60 and the administratve charge would be $4,411.40.