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What is the cost to a consumer proposal?

What is the cost to a consumer proposal

Posted from: Ontario

One Response to “What is the cost to a consumer proposal?”

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

The cost to file a consumer proposal are set by the legislation and therefore the cost to file a proposal is regulated across Canada. There is a formula that is used to determine the cost and it works out to roughly 20% of what goes out to creditors. The most important thing to note is that these costs are built into your monthly payments. So if you make an offer of $18,000 to your creditors at the rate of $300.00 per month for 60 months, the administration costs will come out of this $18,000.