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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Minimum requirement to file a consumer proposal

Hello,

If we have approx. 45000 in credit line debt. What are the chances of qualifying for a consumer proposal?

Thanks

Posted from: British Columbia

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One Response to “Minimum requirement to file a consumer proposal”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The chances are very good. In fact the minimum requirement to file a consumer proposal is that you have to be in a position where you are unable to pay your debts as they become due, owe at least $1,000 and reside in Canada.

Now this doesn’t mean that everyone that can meet these requirements a proposal is the perfect fit for, but it is definitely something to consider. What needs to be done to determine if it is a good fit is for you to schedule a time to meet with a local trustee . This initial meeting will be of no cost and there will be no associated obligation, but it is the best way to have things reviewed, determine if a proposal will fit and the type of offer that will be required.