Cash flow vs. your amount of unsecured debt
July 26th, 2010 by Questions
im about 50,000 in debt and make about 29,000 a year, would i have any trouble getting approved for a consumer proposal, i have missed only one payment? i also have a co signer on my car loan, would they be affected negatively from this?
Posted from: Manitoba
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July 27, 2010 at 8:27 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
It is not the level of income that determines whether or not you can get a consumer proposal approved, but your monthly cash flow vs. the amount of unsecured debt that you are carrying. Ultimately you have to have sufficient cash flow to provide a payment that is acceptable to the general body of creditors. To get a better idea of what would be required you need to sit down with a local trustee and they will be able to assist you in reviewing your cash flow and then helping you determine what type of offer you would have to make.
As for a cosigner on a car loan, because a proposal id directed toward unsecured creditors, as long as you continue to make your vehicle payments there would be no impact on the other party.