Consumer proposal creditors meeting – I have to attend one in a week and a half and no one is telling me what I have to bring, what exactly happens and if I should have a lawyer present.
I have no idea what to expect or what to do.
I owed $119,000 and the proposal offered was for $24,000 payable over 60 months in payments of 400.00 a month.
I make per month 2, 977.00 per month.
I don’t have a car or own anything.
I have a group retirement but that is held until I am 65 years of age.
My credit cards I’ve had for 20+ years. I pay around $800.00 rent, utilities, and other things.
So not sure what will happen at this meeting.
Can I go bankrupt if I don’t like the way the meeting turns out or if they want more money?
I believe they think I have more leftover money.
I don’t know what questions I will be asked or what to expect or what I should say or bring if I need to bring proof of things.
I believe the creditors want more money. If you do not have any more funds to give, over and above the $400.00 a month you are offering, then you should be prepared to explain clearly and politely how it is that you have no additional funds.
You are not expected to give them every excess cent you have. You have to have a bit of a cushion in case of emergencies or if unanticipated costs arise, otherwise you could find yourself in the position of having to default on the Consumer Proposal.
If the worst happens and they refuse to approve the consumer proposal you will have the option of filing bankruptcy.
You should discuss, with your trustee, what you plan on saying to the creditors so the trustee can comment.
Earl Sands, Licensed Insolvency Trustee