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Consumer proposals and change to $75,000 limit

I heard that the limit was going to be increased by March 2009. Have you heard anything? Also, if you file a Consumer Proposal, do they take away credit cards you have already been approved for, but have never used?

Posted from: British Columbia

One Response to “Consumer proposals and change to $75,000 limit”

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

You are right that the proposed changes to the Bankruptcy and Insolvency Act include the increasing of the qualification limit from $75,000 non mortgage debt to $250,000. One of the rumors was that by March we would see these changes implemented, but we have not any information to suggest whether or not that is rumor or fact. The problem is that no one knows.

As for the credit cards, you must turn all your credit cards over to your trustee, regardless of whether there are any balances on those cards or not.