Differing Opinions; Which Trustee to Trust??!!

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gotrice

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Differing Opinions; Which Trustee to Trust??!!
« on: December 16, 2017, 01:07:06 PM »
Hello everyone. Compulsive gambler here. I admit it. After winning $50-60k in sports gambling from June to early November of this year, I got overconfident/addicted/tilt bet away everything and ended up with roughly $117k in debt trying to chase back my winnings. I realize I am an addict and have sought help. My creditors are CIBC, TD, MBNA, Scotiabank, Rogers and OSAP student loans.   

My current take home monthly net income is $3100 and monthly rough expenses are $2900. I have no other assets. The good news is no RBC creditor or any one creditor owing over 21%.

So I saw three different license trustees and got 3 completely different opinions. The 1st trustee I saw came up with a consumer proposal monthly payment of $750 (45k or 0.38 cents/dollar) and he thinks it may get countered to $900 because of my gambling and that this mostly occurred 1 month ago. He also thinks creditors might roll dice and prefer me to go bankrupt because I will have to appear before a judge. The judge can force me to pay back more/on top of what I pay after a 21 month bankruptcy due to the gambling. Because of this I have to offer a higher consumer proposal.     

The 2nd trustee came up with a consumer proposal monthly payment of $600 (36k or 0.31 cents/dollar). He thinks there is a high chance they will take this due to various creditors/no rbc/all under 21% and doesn't think the gambling will be an issue.

The 3rd trustee came up with a consumer proposal monthly payment of $475 (28.5k or 0.24 cents/dollar). He thinks there is a medium chance they will take this because I have various creditors and all under 21%. This trustee believes in starting with a low offer and believes in his negotiating abilities. He also believes worse case is after a few rounds of negotiating and countering it will be as high as $550 (33k or 0.28cents/dollar). This trustee also thinks gambling won't be a big issue but did advise me to wait 1 month before filling.


So ya....very differing opinions. Does anybody have any advice on who I should pick? I'm so stressed out and confused.
« Last Edit: December 18, 2017, 07:19:15 PM by gotrice »

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novascotiaman

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Re: Differing Opinions; Which Trustee to Trust??!!
« Reply #1 on: December 17, 2017, 05:34:58 PM »
i am in the same situation as you. i lost around 80K in gambling recently. i signed my proposal nov 23rd. i have rbc (29k) but they are the 1st one to said yes according to my trustee. my situation is different tho coz they will get 0 if i apply for bankrupcy. i have to offer 400/mo x 60. i can file for bankrupcy but my gambling will be an issue to the court so im fine with 400x60 offer.last update i got from my trustee was the proposal is looking good. just waiting for the 45 days period to pass.






Hello everyone. Compulsive gambler here. I admit it. After winning $50-60k in sports gambling from June to early November of this year, I got overconfident/addicted/tilt bet away everything and ended up with roughly 80k in credit card debt trying to chase back my winnings. I realize I am an addict and have sought help. I currently owe this much:     

CIBC Visa                        $18k
CIBC LOC                        $5k
TD Visa                            $15
MBNA Mastercard 1     $10k
MBNA Mastercard 2     $13k
Scotiabank Visa 1          $15k
Scotiabank Visa 2          $5k
Rogers Mastercard        $1k
OSAP student loans      $35k
(less than 7 years)
Grand total owed           $117k

My current take home monthly net income is $3200 and monthly rough expenses are $2800. I have $1500 in the bank at the moment and $2500 in stocks. I have no other assets. The good news is no RBC creditor or any one creditor owing over 21%.

So I saw three different license trustees and got 3 completely different opinions. The 1st trustee I saw came up with a consumer proposal monthly payment of $750 (45k or 0.38 cents/dollar) and he thinks it may get countered to $900 because of my gambling and that this mostly occurred 1 month ago. He also thinks creditors might roll dice and prefer me to go bankrupt because I will have to appear before a judge. The judge can force me to pay back more/on top of what I pay after a 21 month bankruptcy due to the gambling. Because of this I have to offer a higher consumer proposal.     

The 2nd trustee came up with a consumer proposal monthly payment of $600 (36k or 0.31 cents/dollar). He thinks there is a 90% chance they will take this due to various creditors/no rbc/all under 21% and doesn't think the gambling will be an issue.

The 3rd trustee came up with a consumer proposal monthly payment of $475 (28.5k or 0.24 cents/dollar). He thinks there is a 66% chance they will take this because I have various creditors and all under 21%. This trustee believes in starting with a low offer and believes in his negotiating abilities. He also believes worse case is after a few rounds of negotiating and countering it will be as high as $550 (33k or 0.28cents/dollar). This trustee also thinks gambling won't be a big issue but did advise me to wait 1 month before filling.


So ya....very differing opinions. Does anybody have any advice on who I should pick? I'm so stressed out and confused.
« Last Edit: December 17, 2017, 05:36:55 PM by novascotiaman »

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gotrice

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Re: Differing Opinions; Which Trustee to Trust??!!
« Reply #2 on: December 17, 2017, 07:45:19 PM »
Thanks for your insight novascotiaman. it is interesting that your creditors will get 0 if you go bankrupt. In my case, I think they get ~12.5k at the end of 21 months.

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novascotiaman

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Re: Differing Opinions; Which Trustee to Trust??!!
« Reply #3 on: December 17, 2017, 08:02:50 PM »

goodluck


Thanks for your insight novascotiaman. it is interesting that your creditors will get 0 if you go bankrupt. In my case, I think they get ~12.5k at the end of 21 months.

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LT

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Re: Differing Opinions; Which Trustee to Trust??!!
« Reply #4 on: December 19, 2017, 02:36:51 PM »
Option #1 seems high.  Option #3 seems reasonable, you can always negotiate.  I think you will be fine if you offer more than a bankruptcy. Hang in there.

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gotrice

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Re: Differing Opinions; Which Trustee to Trust??!!
« Reply #5 on: December 20, 2017, 08:00:30 PM »
So I ended up going with trustee/option 2 for $600/month. In the end I didn't think I could handle the stress of playing low ball and hoping they don't counter high. Let the 45 day excruciating wait begin......

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Kay

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Re: Differing Opinions; Which Trustee to Trust??!!
« Reply #6 on: January 05, 2018, 06:20:20 PM »
Just a question here
What assets do creditors really get hold of if u end up non payment of due amount ?

 

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