how much maximum I have to propose to get an acceptable proposal

July 12th, 2007 by Questions

I have almost $110 k debt altogether in my credit card and line of credit excluding mortgage. my mortgage is around 93000 dollar, and my income $3400 after tax permonth.Market value of my condo is approximately $130k .
We are a 3 member family with an 8 year old child. my spouse is not working.
The mortgage is in both of our name also she co-signed for the line of credit of 32000 and 5000 equity plan credit. All other debts are just my name only.
If I go for a proposal, how much maximum I have to propose to get an acceptable proposal? What should I propose minimum.
Is it possible to propose my spouse and me together for a division 2 proposal? I would like to avoid bankruptcy.
Is that necessary to include my wife. If I don\’t how it will effect her?
What do you suggest in my case a proposal or bankruptcy


One Response to “how much maximum I have to propose to get an acceptable proposal”

, Barton Goth GCO Bankruptcy Trustees said:

If you look at doing a joint proposal you will have to file a Division I Proposal as you are over the $75,000 limit that applies to a consumer proposal. Don’t fear, the filing of a Div I is very similar to a consumer proposal and will ultimately accomplish the same purpose.

As for an estimate, to do this you should really contact a local trustee as it is not only income and debt level that gets factored in but the exemptions available in the province you live also can be essential factors.

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