October 26th, 2005 by Questions
Hello. Can a debtor still qualify for a consumer proposal if said debtor’s unsecured debt is greater than $75,000 but less than $100,000? If so, how does the vote work if one of the creditors holds the majority of the unsecured debt meaning if the majority of the creditors holding the lesser debt agree to the proposal and the one creditor holding the larger portion of the debt does not agree, will the propasal still pass and be approved? Another twist, what if the creditor holding the larger amount of unsecured debt also has a mortgage with this same debtor?
Thanks in advance for your expertise and knowledge.