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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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Am I eligible to file a consumer proposal rather than filing for bankruptcy

My total personal debt is $90000. Am I eligible to file a consumer proposal rather than filing for bankruptcy?

Posted from: British Columbia

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One Response to “Am I eligible to file a consumer proposal rather than filing for bankruptcy”

A licensed trustee said...

Under the current rules, you are not. The limit for a consumer proposal is $75,000 in debts excluding the mortgage(s) on your principal residence.

You can file a Division I proposal – there is no limit on the debts that this type of proposal can deal with. Or if you wait a month or two the threshold for consumer proposals is about to be raised to $250,000 – before you ask, no, we don’t know exactly when that will happen, but it is expected very soon.