How Much Do I Have To Offer Creditors In A Proposal

2010-08-11   minute read

 The amount you have to offer to your creditors in a formal proposal (i.e., this would be a Consumer Proposal or Division I Proposal made under federal legislation) depends primarily on your ability to pay, what you own, and how much you owe to your creditors. Creditors will typically be willing to accept a proposal that offers them more than they would get in a bankruptcy and at least 25 to 30 cents on the dollar after the costs of the process are considered.  It's best to speak with a trustee to get an estimate of what you could expect your creditors to accept in settlement of the debt. Most proposals are a series of fixed monthly payments over a period of time.  The payments are designed to be manageable based on your ability to pay. If you'd like to set up a consutation to find out what amount your creditors may be willing to accept, feel free to give me a call.  There is no cost and no obligation to you and it's a good opportunity to get some information. Judy Scott - Trustee Port Moody - Burnaby - Maple Ridge, British Columbia 604-949-2113 [email protected]

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