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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Total Income

How high an income can one make to qualify for a Consumer Proposal?

Posted from: Ontario

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One Response to “Total Income”

A licensed trustee said...

There is no income requirement to file a proposal – there is no upper or lower limit.

The amount of income you eanr will impact the amount you have to repay. When you file a proposal you need to offer the greater of (1) the amount your creditors would receive if you filed for bankruptcy; and (2) an amoutn large enought to induce your creditors to agree to the plan – currently that means about 1/3 of what you owe.

Your bankruptcy payment is based directly on your income – the higher your income the higher your payment. therefore the higher your income when you file a proposal the higher your payment is likley have to be…