September 13th, 2012 by Questions
How high an income can one make to qualify for a Consumer Proposal?
Posted from: Ontario
One Response to “Total Income”
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September 13, 2012 at 11:34 am, A licensed trustee said:
There is no income requirement to file a proposal – there is no upper or lower limit.
The amount of income you eanr will impact the amount you have to repay. When you file a proposal you need to offer the greater of (1) the amount your creditors would receive if you filed for bankruptcy; and (2) an amoutn large enought to induce your creditors to agree to the plan – currently that means about 1/3 of what you owe.
Your bankruptcy payment is based directly on your income – the higher your income the higher your payment. therefore the higher your income when you file a proposal the higher your payment is likley have to be…