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?

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.