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consumer proposal


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Alger & Associates personal bankruptcy services are
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Bankruptcy Calgary Edmonton Q&A Forum

Question:

 

I live with my son and currently pay him 500 a month, they will be moving out into a new home in October of this year. I was wondering, when I move out into my own place in October 2015, my living expenses will increase as rent will be 1200 + Grocery + Utilities + Cable. If I apply in June for a consumer proposal and my current status living is lower now then in October, how will that work?


From:

 

Grant Thornton Limited

Date:

 

May 22, 2015

Answer:

 

Hi Trish, You may possibly file a consumer proposal with a higher payment while you are still living with your son. In November 2015, the proposal payments could be reduced to a lower amount that allows you to cover rent and all of your living expenses. An alternative is to wait until October 2015 to file a consumer proposal. That way you know what your expenses will be and allow you to file a viable proposal. Once the term of the proposal is accepted, any amendments require the creditors to review and accept the changes to the payments. Therefore, you should be comfortable with the payment plan proposed. Please contact our office if you want to sit down and review possibly proposal terms.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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