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07-18-2020, 01:08 AM #1
- Join Date
- Jul 2020
- Posts
- 2
Whether the Division 1 Proposal is the right option for bankruptcy?
Hi All,
I am looking at bankruptcy due to struggling to repay my debts. So I'm planning to file a Division 1 proposal. But I came to know that, if a Division I Proposal is accepted, an individual can take up to five years to pay. Is that true?
However, my legal advisor advised me to pay down the proposal as soon as possible. Otherwise, it will favour the opposite party in court. I have gone through many posts on social media for a solution that Division 1 proposal is the best choice for me right now. But no one yet solves my doubts.
If anybody knows regarding this please feel free to reply to this post.
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07-18-2020, 10:17 AM #2
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,981
Why are you listening to social media posts? You paying a lawyer (Legal Advisor?) - Why pay for legal advice if you NOT going to listen.
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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