“Lump Sum” Consumer Proposal
March 20th, 2013 by Questions
I owe $ 105000 to the credit card , so iwant to do Consumer Proposal but i have only $ 12000 to pay iwill pay the $ 12000 sum lum once they approved the Consumer Proposal . please let know what to do? .
Posted from: Ontario
One Response to ““Lump Sum” Consumer Proposal”
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 20, 2013 at 9:11 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Your creditors may be willing to accept a lump sum consumer proposal of $12,000.00 but that is going to depend on a number of other aspects of your financial situation (i.e. what you make and spend in a normal month, employment history, what you would be worth to your creditors in a bankruptcy, ability to make payments over time etc.). My guess is that the $12,000.00 is low, but really to know for sure you need to sit down with a local trustee and let them look at your full financial picture. Only then will they be in a position to comment.