Stocks and Consumer Proposal
October 9th, 2010 by Questions
I receive dividend cheqes for only about $65/month from a stock certificate. The value of the stock is about $6,000. When I submit a consumer proposal, will I be asked to cash it out for creditors?
Posted from: Ontario
One Response to “Stocks and Consumer Proposal”
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October 10, 2010 at 9:18 am, A licensed trustee said:
It all depends on the terms of your proposal. The basic idea behind a proposal is that you are offering to repay a portion of your debts. The “portion” needs to be more than your crediotrs would receive if you filed for bankruptcy. If you filed for bankruptcy you’d lose the stocks so if you file a proposal you should be offering to pay your creditors sometihng to allow you to keep the stocks.
I can see how this answer might be confusing – use the links to find a trustee in your area and give them a call. They can walk you through this in greater detail.