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
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August 01, 2011 at 7:52 am, 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.