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Dealing with the payments

After being through a bankruptcy in the past i fine a need to look at a consumer proposal. One of my worries is the repayment if you are married and have a one child ie teenager living with you does that effect the payment that would be do back i see that the max repayment would be $ 500 a month for 5 years but would the family situation effect the repayment amount?

Posted from: Ontario

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One Response to “Dealing with the payments”

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

I am not sure what maximum you are referring to, but there is no max payment in a consumer proposal.

Having said that, your payment is set by looking at what you are worth to your creditors in a bankruptcy, what your breakdown of debts is, and what your monthly budget looks like. As your marital status and the number of people living in the household will be reflected in your monthly budget it will definitely be effect the repayment amount.