Consumer Proposal

July 6th, 2010 by Questions

Hi there, I really would like to know if I would qualify for a Consumer Proposal with a repayment rate of about 30%…over 3 years or? I earn about 38-40k annually. I owe about 36K in unsecured debts including 10 year old student loans. I havn`t paid creditors for about 4 years…The product of a divorce. Whats my best option? Please help…

Posted from: British Columbia


One Response to “Consumer Proposal”

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

From the sounds of it you would definitely qualify to file for a consumer proposal, the question becomes whether 30% would be sufficient for the creditors to come on board. To determine this you really need to review things with a local trustee as we need to review things like what creditors we are dealing with, your monthly cash flow etc.

However, I can tall you have have seen a number of people making a similar amount as you are who have been able to offer between 25 – 30% mark. So to me this sounds like a realistic approach.

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