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
June 29, 2009 at 8:29 am, 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.
Log in to Reply
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.