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What amount are creditors likely to accept for a consumer proposal.

What amount are creditors (such as GMAC and Student Loan) likely to accept for a consumer proposal. I am unemployed but scared of the implications of bankruptcy and was wondering if I could file a proposal?

One Response to “What amount are creditors likely to accept for a consumer proposal.”

A licensed trustee said...

If you have no “income” then it will be difficult to offer your creditors a proposal (unless someone else is willing to guarantee your payments).

I am not suggesting that you should file bankruptcy, but you should sit down with someone and review all of your options (including bankruptcy). Given the facts that you have provided, it is unlikely anyone would counsel you to file a proposal.