HELP!

March 23rd, 2010 by Questions

I`m considering to do a Consumer Proposal. My monthly salary is about 2300 per month. I`m a single mom with no support and two young kids. I`ve bills over $60,000. I got into a car accident about two yrs. ago and may receive some money from my car accident case. Will I lose this money? or what? I`m confused on what to do from her, and my creditors are calling. It`s not enough money to pay off my creditors. It`s all for pain and suffering. Let me know ASAP. thx.

Posted from: Ontario

Questions

One Response to “HELP!”


, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Hello,

A consumer proposal may be able to provide the relief you are looking for, but it is really going to depend on your cost of living. Although with only $2,300 of income coming in to support the 3 of you it may be difficult to find sufficient cash flow to be able to make a reasonable offer to your creditors. What you should do is contact a local trustee and review your cash flow with them to determine if this is going to work.

As for the accident, this is more difficult than we can discuss via this type of forum, but the key things are that tin a consumer proposal you don’t loose these funds automatically, but they may have to be valued when determining the offer that must be made to your creditors and this is something that you can discuss with the trustee you contact.

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