Surplus Income

May 5th, 2012 by Questions

I currently have 62,000 in unsecured debt. My surplus income owing would be approx. 2100 per month for 36 months which is 75600 after 3 years which is higher than my debt. Do I have any other options? I have been told a consumer proposal must be a better deal than bankruptcy. I cannot afford 2100 per month for 3 years.

Posted from: Ontario


One Response to “Surplus Income”

, A licensed trustee said:

I understand that, but if you file a consumer proposal you may ask for 5 years to make the payments. $75,000 over 60 months = $1,250 per month. I sthat more manageable?

The reason you have to offer your creditors a “better deal than bankruptcy” is simple – if a bankruptcy is worth more money to your creditors than you are offering them in a proposal, why would they agree to your proposal?

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