[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/rkillen.ca\/do-i-have-to-pay-a-minimum-portion\/#BlogPosting","mainEntityOfPage":"https:\/\/rkillen.ca\/do-i-have-to-pay-a-minimum-portion\/","headline":"Do I Have To Pay a Minimum Portion?","name":"Do I Have To Pay a Minimum Portion?","description":"Do I Have To Pay a Minimum Portion?Watch this video on YouTube In this video, Richard Killen, a Licensed Insolvency Trustee in bankruptcy in Toronto talks about, Do I Have To Pay a Minimum Portion?. Some people are under the impression that they go bankrupt or for that matter they do a consumer proposal, they […]","datePublished":"2017-08-04","dateModified":"2023-04-12","author":{"@type":"Person","@id":"https:\/\/rkillen.ca\/author\/admin\/#Person","name":"admin","url":"https:\/\/rkillen.ca\/author\/admin\/","identifier":2,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/9802e0bea345b33afa85a53646482da09b2d7944429d88b59778b5d3e1c3dd14?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/9802e0bea345b33afa85a53646482da09b2d7944429d88b59778b5d3e1c3dd14?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Richard Killen and Associates","logo":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2017\/08\/do-i-have-to-pay-a-minimum-porti.jpg","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2017\/08\/do-i-have-to-pay-a-minimum-porti.jpg","height":720,"width":1280},"url":"https:\/\/rkillen.ca\/do-i-have-to-pay-a-minimum-portion\/","video":{"@context":"http:\/\/schema.org\/","@type":"VideoObject","@id":"https:\/\/www.youtube.com\/watch?v=jVAD7iRLkSI#VideoObject","contentUrl":"https:\/\/www.youtube.com\/watch?v=jVAD7iRLkSI","name":"Do I Have To Pay a Minimum Percentage In A Bankruptcy Or Consumer Proposal?","description":"http:\/\/rkillen.ca\/do-i-have-to-pay-a-minimum-portion\/ In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about, Do I Have To Pay a Minimum Portion?.\n\nSome people are under the impression that they go bankrupt or for that matter they do a consumer proposal, they are required to pay a certain percentage of what they owe, what their overall debts are. That\u2019s not quite the way it works. In a bankruptcy, it\u2019s not that at all. In a bankruptcy, there is a mechanism that will determine whether or not if you have to make any payments for your creditors into the bankruptcy. It\u2019s based on what you earn, what your monthly salary is. There\u2019s a formula for all that, and a Trustee explains that to you and a Trustee does the calculation and all that. In a proposal, it can be a little bit of a factor trying to determine how much you are going to offer the creditors and all that. But, there is no fixed idea that you have to pay 20% or 10% or 50% of whatever you owe. In a proposal, you offer the best you can, and you try to work out a deal with the creditors that they are willing to accept of what you are going to pay. In a bankruptcy, this formula is applied, if you earn enough money you will pay that money into the bankruptcy in order to obtain your discharge. It doesn\u2019t matter what percentage it is.\n\nIf you are uneasy about bankruptcy you should definitely visit a licensed insolvency trustee so that you will be given an advice about your bankruptcy problems.\n\nWe can meet with you during business hours or book after hours appointments if that is more convenient.\n\nContact us for a fresh start 1 (888) 545-5365\nLive your life free of financial stress!\n\nFollow us on Instagram: https:\/\/www.instagram.com\/killen_trustee\/\nFollow us on Twitter: https:\/\/twitter.com\/Killen_Trustee\nFollow us on Facebook: https:\/\/www.facebook.com\/rkillenassociates\nFollow us on Linkedin: https:\/\/www.linkedin.com\/company\/richard-killen-&-associates\/\nConnect on Linkedin: https:\/\/www.linkedin.com\/in\/richard-killen-020aaaba\/\n\nRichard Killen and Associates have 10 locations across the Greater Toronto Area.\n\nOur main office is at\n\nRichard Killen & Associates\n2130 Lawrence Ave\nEast Suite 402, M1R 3A6\nTel: (416) 285-9511\nhttp:\/\/rkillen.ca","thumbnailUrl":["https:\/\/i.ytimg.com\/vi\/jVAD7iRLkSI\/default.jpg","https:\/\/i.ytimg.com\/vi\/jVAD7iRLkSI\/mqdefault.jpg","https:\/\/i.ytimg.com\/vi\/jVAD7iRLkSI\/hqdefault.jpg","https:\/\/i.ytimg.com\/vi\/jVAD7iRLkSI\/sddefault.jpg","https:\/\/i.ytimg.com\/vi\/jVAD7iRLkSI\/maxresdefault.jpg"],"uploadDate":"2017-08-07T07:33:59+00:00","duration":"PT1M24S","embedUrl":"https:\/\/www.youtube.com\/embed\/jVAD7iRLkSI","publisher":{"@type":"Organization","@id":"https:\/\/www.youtube.com\/channel\/UCVqfGDwXy-OK5RHKZGkaMUw#Organization","url":"https:\/\/www.youtube.com\/channel\/UCVqfGDwXy-OK5RHKZGkaMUw","name":"Richard Killen & Associates Ltd","description":"Since 1992 we at Richard Killen & Associates have helped thousands of people resolve their financial problems. With over 22 years experience in this industry, our president, Richard Killen, and the rest of our team understand the difficulties that honest people can sometimes find themselves in. This expertise makes it possible to provide you with a service that effectively deals with the issues.\n\nThe strength of our company is exemplified by the manner in which we treat our customers. We understand the intense pressure people are under. You will feel better after having spoken with our staff and your sense of dignity will be restored. The relief most people feel is tangible.","logo":{"url":"https:\/\/yt3.ggpht.com\/ytc\/AIdro_nK1yzM56nIFCGmWO7scxw1pLTW2Z8LVLH_kg8kdbbfw5M=s800-c-k-c0x00ffffff-no-rj","width":800,"height":800,"@type":"ImageObject","@id":"https:\/\/www.youtube.com\/watch?v=jVAD7iRLkSI#VideoObject_publisher_logo_ImageObject"}},"potentialAction":{"@type":"SeekToAction","@id":"https:\/\/www.youtube.com\/watch?v=jVAD7iRLkSI#VideoObject_potentialAction","target":"https:\/\/www.youtube.com\/watch?v=jVAD7iRLkSI&t={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"},"interactionStatistic":[[{"@type":"InteractionCounter","@id":"https:\/\/www.youtube.com\/watch?v=jVAD7iRLkSI#VideoObject_interactionStatistic_WatchAction","interactionType":{"@type":"WatchAction"},"userInteractionCount":52}]]},"about":["Bankruptcy","Consumer Proposals"],"wordCount":287,"keywords":["Bankruptcy","consumer proposal","Do I Have To Pay a Minimum Portion"],"articleBody":"Do I Have To Pay a Minimum Portion?Watch this video on YouTubeIn this video, Richard Killen, a Licensed Insolvency Trustee in bankruptcy in Toronto talks about, Do I Have To Pay a Minimum Portion?.Some people are under the impression that they go bankrupt or for that matter they do a consumer proposal, they are required to pay a certain percentage of what they owe, what their overall debts are. That\u2019s not quite the way it works. In a bankruptcy, it\u2019s not that at all. In a bankruptcy, there is a mechanism that will determine whether or not if you have to make any payments for your creditors into the bankruptcy. It\u2019s based on what you earn, what your monthly salary is. There\u2019s a formula for all that, and a Trustee explains that to you and a Trustee does the calculation and all that. In a proposal, it can be a little bit of a factor trying to determine how much you are going to offer the creditors and all that. But, there is no fixed idea that you have to pay 20% or 10% or 50% of whatever you owe. In a proposal, you offer the best you can, and you try to work out a deal with the creditors that they are willing to accept of what you are going to pay. In a bankruptcy, this formula is applied, if you earn enough money you will pay that money into the bankruptcy in order to obtain your discharge. 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