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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
Is there a debt limit when filing for a Consumer Proposal?
The debt limit when filing for a Consumer Proposal is $250,000 (excluding the mortgage on your principal residence)
If you owe less than $250,000 (excluding the principal residence mortgage), then you are eligible to file a Consumer Proposal. Otherwise, you are required to file a Division I Proposal.