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Lili

My spouse and I are considering a filing a consumer proposal. We have $50,000 debt with RBC joint line of credit. I have another $14,000 RBC visa and he has $11,000 RBC visa and $8,000 NBC master card. Since almost very thing is with RBC is it a good idea to still file a CP.

Thanks

Posted from: Ontario

One Response to “Lili”

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

In some instances having all your debt with one creditor can make getting a consumer proposal a little more challenging, but when you are dealing with RBC I wouldn’t expect that you would run into many difficulties. Currently RBC has been very consistent with their voting in favour of consumer proposals, regardless of what percentage of the total debt they hold. So I think the proposal is still a good way to reduce the debt to a more manageable level and still avoid a bankruptcy.