More surplus income than debt, so to speak
October 22nd, 2011 by Questions
My debt issue was mostly a result of fraud. While the con artist has been convicted, I’m left with a bunch of new debt. The total amount remaining isn’t the issue; it’s the payment scheduling ($2,000+/month now, decreasing to around $300/month two years from now). My total debt service ratio is over 70%, so I can’t refinance or consolidate and I’m considering a proposal. I understand that since I’ve been bankrupt before, my expected surplus income over three years will be a guide to how much to offer. This turns out to be (over) 100%. If 100% of debt would be paid off within three years, is a proposal still appropriate? Does a trustee have an option to propose a lower amount first?
Posted from: British Columbia