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Minimum requirement to file a consumer proposal

Hello,

If we have approx. 45000 in credit line debt. What are the chances of qualifying for a consumer proposal?

Thanks

Posted from: British Columbia

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One Response to “Minimum requirement to file a consumer proposal”

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

The chances are very good. In fact the minimum requirement to file a consumer proposal is that you have to be in a position where you are unable to pay your debts as they become due, owe at least $1,000 and reside in Canada.

Now this doesn’t mean that everyone that can meet these requirements a proposal is the perfect fit for, but it is definitely something to consider. What needs to be done to determine if it is a good fit is for you to schedule a time to meet with a local trustee . This initial meeting will be of no cost and there will be no associated obligation, but it is the best way to have things reviewed, determine if a proposal will fit and the type of offer that will be required.