Salary requirement for consumer proposal
April 18th, 2010 by Questions
Is there a minimum salary requirement to enter into a consumer proposal?
Posted from: British Columbia
One Response to “Salary requirement for consumer proposal”
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April 19, 2010 at 8:09 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Technically there is no minimum salary requirement with a consumer proposall, but practically you have to be in a position where you have enough cash in your budget to be able to make a reasonable offer to your creditors.
The challenge with discussing things in general like this type of site allows is the terms and the amounts of a proposal are significantly different depending on people’s circumstances. I have some consumer proposalson the go that offer 5% better than a bankruptcy, I have some that pay the debts in full. So at this point I would recommend you simply sit down with a local trustee, there is no cost to do so, and they will help you determine what you offer to the creditors would have to look like and whether or not it would fit into your budget.