August 1st, 2011 by Questions
I have 30,000 of Debt, I work 2 Jobs to pay min. payments. I would like some input on Consumer Proposal.
Posted from: Ontario
August 01, 2011 at 7:40 am, A licensed trustee said:
You are not alone these days – lots of people are working two, sometimes three jobs to try and get by these days. Filing a consumer proposal might help you.
The idea behind a consumer proposal is that you can afford to repay a portion of what you owe. It is called a proposal because you are making an offer (the proposal) to the people you owe and they get to vote on your offer. If a majority of the debt (in dollars) agree then it’s a done deal.
You need to offer your creditors the greater of:
(1) the amount you’d be required to pay if you filed for bankruptcy; and
(2) enough that your creditors will agree – currently that means about 1/3 of what you owe
So, use the links on this site to find a trustee in your area and give them a call. They will explain proposals in much greater detail and then you can decide if one will be right for you.
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