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changing from a debt management plan to a consumer proposal

I currently have a debt management program that I am finding difficult to keep up with. If I approach a trustee what do you think the chances of my creditors accepting a proposal for less than I am paying them now is?

Posted from: Ontario

One Response to “changing from a debt management plan to a consumer proposal”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

This is difficult to say without first reviewing your situation, but in general the vast majority of consumer proposals are approved. So as long as you think through the fundamentals of the proposal there should be a good likelihood for success.

I would suggest you sit down with a local trustee and have them review the details of your existing debt management plan and a copy of a more recent budget. They will very quickly be able to give you an idea of whether or not a consumer proposal would work well and an idea of how much you would need to offer.