March 11th, 2011 by Questions
we have around 40k in uns debt . Per our calculation in bankrupcy we have to pay 14000 over 21 months- If we offer just 15000 or 16000 in CP, will creditors likely to accept offer?
Posted from: Ontario
One Response to “Consumer P”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
March 11, 2011 at 8:08 am, A licensed trustee said:
Assuming your calculation of the cost of filing bankruptcy is correct, then offering $15 or $16K in a proposal should be accepted.
When you file a consumer proposal you need to offer your creditors the GREATER of:
1) more than your creditors will be entitiled to receive if you filed for bankruptcy; and
2) enough to induce your creditors to vote for the deal – currently that means about 1/3 of what you owe.
There are no guarantees, but unless there is sometihng unusual about your situation an offer of $15,000 should work just fine…