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indebt

I have filed a CP and upon reading up on it have found out the CIBC and RBC are not as willing to accept a proposal as Scotiabank. My large debts are with CIBC and RBC and am concerned that it may not get accepted. Can you shed some light on this based on your experience?

Posted from: British Columbia

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One Response to “indebt”

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

I find both CIBC and RBC to be a little more active in terms of the voting process. They tend to look more carefully at the nature of your income, the type of your monthly payments, what you are worth in a bankruptcy and difference between the bankruptcy and the offer being made in the consumer proposal. But this isn’t necessarily a bad thing. As long as you think through the proposal that is being put forward we find a high degree of success with both of these creditors. So I wouldn’t worry.