How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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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.