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CP 50% PAYMENT

i had a consultation with a trustee, i owe about 36000 and own a house shared with my wife. he told me that i will have to pay about 350 a month with is more than 50% of what i owe. It sounds right to you or should i contact someone else.

Posted from: Quebec

One Response to “CP 50% PAYMENT”

A licensed trustee said...

There is no way for me to know…

You need to offer your creditors the greater of: (1) what they might receive if you were filing for bankruptcy, and (2) an amount large enough to entice them to vote for your offer. Currently that means about 1/3 of what you owe.

1/3 of your debt would be $12,000 so I have to assume that the trustee you saw determined you’d have to pay more than that if you were filing for bankruptcy. Ask the trustee to show you their estimate of what a bankruptcy might cost and then you’ll know if the suggested consumer proposal payment is a fair number.