Am I eligible to file a consumer proposal rather than filing for bankruptcy
November 14th, 2008 by Questions
My total personal debt is $90000. Am I eligible to file a consumer proposal rather than filing for bankruptcy?
Posted from: British Columbia
One Response to “Am I eligible to file a consumer proposal rather than filing for bankruptcy”
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November 14, 2008 at 9:06 am, 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.