Who Can File A Consumer Proposal?
General Criteria to File a Consumer Proposal
You can file a consumer proposal if you’re unable to pay your debts as they become due, subject to the following conditions:
- You owe at least $1,000.
- Your total debts do not exceed $250,000. This $250,000 threshold excludes debts secured against your principal residence (e.g., mortgage or home equity line of credit). If your debts exceed $250,000, you will need to file what is called a Division I proposal.
- If you’ve previously filed a consumer proposal, you need to have completed it. If you defaulted on a previous consumer proposal resulting in its annulment, you won’t be eligible to file a new consumer proposal unless you obtain approval from the Bankruptcy Court to do so.
Can a Bankrupt File a Consumer Proposal?
It should be noted that if you filed for bankruptcy and are an undischarged bankrupt, you can still file a consumer proposal – it would be made to the creditors in your bankruptcy proceedings. If it’s approved by your creditors, then your bankruptcy will be annulled.
However, in the event that you default on this “in-bankruptcy” proposal, your proposal will be annulled and you will be deemed to have re-filed your bankruptcy. That is, your bankruptcy proceedings will restart the day your proposal was annulled.
Assessing Your Eligibility
When you meet with us for your free no obligation consultation, we’ll perform the following assessment to determine your eligibility:
- We’ll review your income, assets and debts to evaluate your financial position.
- We’ll help you prepare a household budget to determine if you have sufficient cash flow to make proposal payments.
- With your permission, we’ll perform a search of the Office of the Superintendent of Bankruptcy’s database to see if you’ve previously filed a bankruptcy or a consumer proposal.
If you want to work with a Trustee who will give you confidence and peace of mind that your consumer proposal is being dealt with in a professional manner, look no further.
Reviews of Our Services
Victor was quick to contact me and the consistent contact was amazing. Victor is really passionate about listening to my needs and it showed as his service with me was nothing short of an amazing experience. He went out of his way to meet on my sched and his attention to detail is exceptional. If yo
Victor and his team (Mary) were always extraordinarily prompt with their responses to any inquiries and went out of their way to respond to questions in detail. They were extremely helpful at all times, even after my Proposal was completed. VIctor is an excellent advocate for his client's needs and
Victor and his team were amazing. Treated us with the upmost professionalism. Answered all our questions, took care of everything and turned an unfortunate situation and made it much less stressful. I highly recommend Fong and Partners. Thank you all for your support through the process.
Working with Victor Fong was great. We just finished our consumer proposal a week ago and the entire process was quite easy. Mary was amazing at answering all my questions and accommodating me when I had any questions or concerns. Her response time was impeccable. Our initial meeting with Victor wa
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