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Should I File a Consumer Proposal?

I have about $35,000 debit with 3 companies. I do not have many valuable assets and I haven’t been paying my creditors. I didn’t know there were more options out there until I came to this site. I have the money to pay off 50%-65% (montly) of the debt, what are my chances of the Creditors accepting my proposal?

Posted from: Saskatchewan

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One Response to “Should I File a Consumer Proposal?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

It is difficult to say for sure without knowing more about your specific situation, but right now it seems that if you can offer anything above 1/3 of your debts in a consumer proposal then most creditors are very open to it. So I would think your chances are very good. However, the only way to know for sure is to contact a local trustee, have them review your situation in more detail than this forum will allow and then they will be able to help you determine what type of an offer would be required.