Consumer proposal – Repayment percentage-
September 29th, 2005 by Questions
I could afford a proposal of $20,000 for unsecured debts totaling $53,000. Do you believe that the repayment percentage is high enough that the creditors would accept. If I filed for bankruptcy, my creditors would share approximately $10,000 in after tax RRSP\’s.
One Response to “Consumer proposal – Repayment percentage-”
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September 30, 2005 at 1:07 pm, A licensed trustee said:
I cannot tell you whether or not a proposal such as you are suggesting would be approved without knowing a great deal more information.
I can tell you that, in our experience, we have seen proposals that offer significantly less than what you are suggesting been accepted.
At the end of the day, each creditor has to decide what is in their best interest. I suggest you use the links on this site to find a local trustee to discuss your situation and they will help you determine how much you should be offering your creditors to settle your debts.