I would like to do a proposal but my income changes during the year.
And you are thinking: how can I make a proposal such that the creditors will accept it?
I just met with someone who has income that can vary from as high as $2,800 a month to as low as $1,800 a month. This person wanted to do a proposal but during the lower income months it would be hard to pay a proposal that could be paid more easily during the higher income months. The person wanted to make some compensatory payments to their creditors so we planned the consumer proposal very carefully.
We have offered the creditors one amount for the months when income is low and another amount which is much higher for those months when income is increased. The overall effect to the creditors meant the proposal could be paid in a shorter period of time but still offer much more than would be received by them in a bankruptcy.
This way both the debtor and the creditors win as more of the debt is repaid and the payments more reflect what the debtor is earning.
If you think a consumer proposal is not an option because of your changing income, call our offices for a consultation in London at 310-PLAN or 519-435-1500. We will try to work out a plan that will benefit both you and your creditors.
