Proposal Payments are Too High
October 3rd, 2011 by Questions
When i look at my debt of 85,000 and if i had to pay 27,000 back that makes it around 450 a month what if thats too much for me to pay can that be lowered some how the monthly payments. I a wordered about if i can afford this or not.
Posted from: Ontario
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October 03, 2011 at 5:47 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
It may be possible to offer a little less, but that really depends on what creditors you are dealing with and what type of recovery your creditors would received in a bankruptcy.
Now realistically if there is any wiggle room it is likely small as most creditors are requiring you to pay approx. 1/3 of the debt and make payments over a 60 month term. The best way to know is to meet with a local trustee and they will be able to tell you if there is any wiggle room. If not, and if you are in a position where you can’t afford approx. 1/3 of the debt you may be forced to look at a bankruptcy.