February 6th, 2010 by Questions
i had a propsal approx 3 yrs ago now i am in debt again are you able to do a propsal again?
Posted from: Ontario
February 07, 2010 at 11:04 am, A licensed trustee said:
There are no limits/restrictions/different conditions for people that file a second, third, fourth proposal…
Just keep in mind that when you file a proposal it needs to pass two tests: (1) you need to offer your creditors more money than they would receive if you filed for bankruptcy, and (2) the creditors have to vote in favour of the proposal.
The first test is simple math – your trustee will help you with this part.
The second test is a little bit more difficult to predict. Lately the creditor community has been requesting slightly higher repayment terms in proposals (the minimum seems to be around 33% of your debt now) and they are taking a closer look at people’s budgets to see if there are areas you might be able to cut in order to pay them more.
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