consumer proposal

August 3rd, 2011 by Questions

I repayment in a consumer proposal the max appears to be 5 years at $ 500 but since if i getting married today and proposal would not likely happen for a month i would married with children would how would that effect the repayment what i am looking at is can i afford the 5oo a month for 5 years but would the situation change the repayment amount any?

Posted from: Ontario


One Response to “consumer proposal”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Just to clarify, with a consumer proposal you are limited to a 5 year maximum, but there is no such ceiling on the amount of the payment. The size of the payment is really only limited by your ability to pay.

In terms of the proposal happening when you are married with children, that will impact the cash flow in the household and your ability to pay, so would definitely impact how a proposal is crafted and potentially impact your ability to file a consumer proposal. What you need to do is consult with a local trustee and they will help you to determine if a proposal will be feasible given these potential changes in living situations.

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