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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

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How much is reasonable to pay?

What percentage(if applicable) of someone’s take home income is expected to be paid in a consumer proposal, or does it vary due to the person’s circumstances?
What if a person knows that there will be higher costs in the future (for instance, housing costs), but not in the present? Should one talk this over with a trustee?

Thank you.

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One Response to “How much is reasonable to pay?”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

The development of consumer proposal depends on several factors and can vary significantly from situation to situation. Your are best to discuss these types of things with a trustee in your local area and they will be able to help develop a reasonable proposal that will take into account both the level of debts but also the expected increases in cost of living.