Bankruptcy Vancouver and Alternatives Information Site

Question: I owe approximately $50,000 to mainly one bank (loan + credit card). I have a job that is $2, 800 net after income tax. I would like to know if I can make a consumer proposal for a debt reduction and how it works? What will be approximately the percentage that is ussually granted in cases like mine.

Answer: It depends on the bank. At a minimum most banks want to get a minimum of 15 to 25 percent of their debt repaid, and perhaps more.

We suggest you contact a proposal administrator for a free initial consultation to review your situation and advise you on your best options.

Labels: consumer proposal

If an individual was in the process of initiating a bankruptcy, and at that time that person believed they had a significant asset held in trust by someone else, would the individual be required to use that asset to pay her creditors? Would she be required to declare the asset on her statement of assets? If the asset existed, or the individual believed the asset existed, would the trustee in bankruptcy look into getting the asset for the individual?