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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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Am I too far in debt for a consumer proposal?

I currently have $40,000 in credit card debt, a $9,000 line of credit and am $15,000 behind in my taxes. I have had problems paying my bills but, have been paying them. Do I have too much debt for a consumer proposal or will I have to file bankruptcy? Could a payment plan be worked out?

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One Response to “Am I too far in debt for a consumer proposal?”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

To be eligible to file a consumer proposal you must have less than $75,000 of non-mortgage debt. From the numbers you have provided it looks like you do qualify, however, if you have a car loan or two that pushes you over the $75,000 limit you are eligible to file a Division I Proposal, this serves the same purpose as a consumer proposal just is intended for situations with large debt loads.