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Consumer Proposals
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Personal Bankruptcy
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Debt Repayment Options
- Do Nothing
- Debt Consolidation Loan
- Informal Agreement with Creditors
- Debt Management Program (DMP) - Offered through Credit Counselling Society
- Orderly Payment of Debts (OPD) - Offered through Money Mentors
- Consumer Proposal (debts less than $250,000, excluding principal residence mortgage)
- Division I Proposal (debts over $250,000, excluding principal residence mortgage)
- Bankruptcy
Can I include corporate debt in a Consumer Proposal?
Any amounts you are personally liable for can be included in your consumer proposal.
If you choose to cease operating your business, then any corporate debts you are personally liable for can be included in your Proposal. This could be amounts owed to Canada Revenue Agency that you are personally liable for as a director, and any jointly signed or personal guarantees you gave on corporate debt.