FAQ's for Commercial Insolvency & Restructuring
Who can make a Consumer Proposal?
Who can make a Consumer Proposal?
An insolvent or bankrupt individual, whose debts are less than $75,000, excluding a home mortgage, can make a consumer proposal. When a bankrupt wishes to make a proposal, it must first be approved by the inspectors and the bankrupt must have obtained the assistance of a trustee who will be the administrator of the consumer proposal. It is possible to make a joint consumer proposal. Two individuals, such as a married couple, can file a joint consumer proposal when it can be reasonably dealt with together due to the commonality of their debts. This only applies to cases where their joint debts do not total more than $75,000.00
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Who can make a Consumer Proposal?
Who can make a Consumer Proposal?
An insolvent or bankrupt individual, whose debts are less than $75,000, excluding a home mortgage, can make a consumer proposal. When a bankrupt wishes to make a proposal, it must first be approved by the inspectors and the bankrupt must have obtained the assistance of a trustee who will be the administrator of the consumer proposal. It is possible to make a joint consumer proposal. Two individuals, such as a married couple, can file a joint consumer proposal when it can be reasonably dealt with together due to the commonality of their debts. This only applies to cases where their joint debts do not total more than $75,000.00
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