Repayment
March 16th, 2012 by Questions
The Trustee I spoke with said the Consumer proposal would be 80% of my cash assets however I see many instances of around 30%. What is the average cash settlement for proposals to creditors that is accepted.
Posted from: Prince Edward Island
One Response to “Repayment”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
March 16, 2012 at 7:20 am, A licensed trustee said:
I suspect you’ve missed a very basic fact about proposals.
You need to offer your creditors the greater of:
1) what they will receive if you file for bankruptcy; and
2) a large enough offer to entice your creditors to accept your offer. Currently that means at least 1/3 of your debt.
So, you can’t offer your creditors 30% if they’d get 80% in a bankruptcy. I suggest you go back and review all of this again with your trustee BEFORE you file.