July 20th, 2013 by Questions
I have read that you generally need to offer your creditors at least 1/3 of what you owe and more than they would receive in bankruptcy in order for a proposal to be accepted. I am wondering how much more that needs to be, if I was to go bankrupt I figure my payments and equity in my home would equal about 30% of my debt. Doing my budget I figure I can offer payments over 5 years that would equal about 55% of my debt. Is that 25% increase generally enough to give a chance of the proposal being accepted. Both of the figures don’t take into consideration trustee fees. Also wondering how CIBC is to deal with for consumer proposals.
Posted from: Nova Scotia