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50% with one creditor

Hi there,

We have more than 50% with TD canada.
We want to file for proposal but we are worried that they will force us to bankrupcy? Can trustee help us in this situation?

Thank you for your help

Posted from: Ontario

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One Response to “50% with one creditor”

A licensed trustee said...

When one creditor has more than half of your debt then that creditor controls the process. That doesn’t mean you’re proposal won’t be accepted – it means you need to offer terms that the creditor will accept.

TD is quite logical in their decision process. Unless you’ve applied for new credit with them in the last year, TD will simply look to see that you are offering them the greater of:

1) what you would have to pay in a bankruptcy; and

2) 30% of what you owe

If you have applied for new credit with TD in the last year then they will look to see what has changed since you applied for the credit and when you filed the proposal. Depending on what has happened, they may require some additional information before they will accept your offer.

If you are dealing with an experienced trustee, they will know all of this and help you through the process.