“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”

, 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.

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