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Secured Debt and the consmer proposal limit

I have $42,000 of unsecured credit card debt. In addition, I have a secured car loan of $ 35,000, a secured mortgage of $160,000 and a secured trailer loan of $42,000.

I would like to make a consumer proposal, but am uncertain if the Trailer will be considered outside and secure under the terms of a proposal.

If it is not, then I will not qualify as this puts me above $ 75,000.00

Posted from: Ontario

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One Response to “Secured Debt and the consmer proposal limit”

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

The eligibility requirement for a consumer proposal is that you must have less than $75,000 of debt, excluding the mortgage on your principle residence.

From the numbers above you don’t qualify for a consumer proposal. However, you can still file a Division I Proposal. This is very similar to a consumer proposal, just meant for situations with more significant levels of debt. For more information on this you are best to contact a local trustee.