trying to make an effert

August 1st, 2011 by Questions

i am thinking of filling a consumer proposal i can only afford a payment of 200.00 per month i am 35,000 dollars in credur card debt i have a net wirth of 15000 to 17000 dollars in property equiaty is this still aposable

Posted from: Ontario


One Response to “trying to make an effert”

, A licensed trustee said:

When you file a proposal you need to offer your creditors the greater of:

(1) what they would receive if you filed for bankruptcy; and

(2) at least 1/3 of your debt.

If you have $15 to $17K in equity then you will have to offer $15 to $17K in your proposal. The maximum time period to repay is 60 months so your payment will bee between $250 and $300 per month. You can start at $200 per month in the first year, but you will have to pay a higher amoutn later to “make up the difference”.

Use the links to find a trustee in your area – they will take a detailed l,ook at your situation and let you know how much you need to offer.

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