July 15th, 2011 by Questions
I had a couple of questions regarding personal bankruptcy versus a consumer proposal.I’ve been reading about these options as well as a debt management plan and debt cosolidation loan.I probably won’t qualify for the last two but my best option may be the proposal.Was wondering what % of debt is usually paid in these situations?I know that the creditors have to agree to the reduced settlement,as long as 75% are on board.Was also wondering what happens to your credit report after filing bankruptcy or a proposal,and all of the late payments etc that are already there?Is bank overdraft included as a debt – if your bank account is overdrawn by $3500 for instance?Also what are the fees involved in both situations?
Any help would be greatly appreciated as I make a decision on this matter,Mike
Posted from: Ontario
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.)