proposal over $75,000

June 28th, 2009 by Questions

I have debt totalling 116,00.00. I am having trouble meeting monthly payments. Can I apply for a consumer proposal or do I have to claim bankruptcy.

Posted from: Ontario


One Response to “proposal over $75,000”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Right now the eligibility limit on consumer proposals is $75,000, just as you have identified. This doesn’t mean that you can’t file a proposal, it just cannot be a consumer proposal. There is a different class of proposals that is used if your debts exceed the $75,000 level. This type of proposal is referred to as a Division I proposal and I would suggest you contact a local trustee for more details on this type of proposal.

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