Wondering about the $75,000 limit for consumer proposal

December 23rd, 2005 by Questions

My wife owes $30,000 in student loans. I owe around $65,000 (line of credits, credit card and student loans). She only co-signed me for one line of credit that I owe on $18,000.

So combined we owe over $75,000, but individually each of us owes less than $75,000!
Is the consumer proposal limit of $75,000 or less of unsecured debt apply to both of our debt combined? Or this rule for individual debt? In other words can we file separate consumer proposal for each one of us?
thanx again for the great info. you guys provide.

Questions

One Response to “Wondering about the $75,000 limit for consumer proposal”



December 28, 2005 at 8:53 am, A licensed trustee said:

The $75,000 limit is per person, so if a couple files a joint consumer proposal the limit would be $150,000. To file a joint proposal most of your debts need to be joint. A trustee can explain the rules in more detail.

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