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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

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.