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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
What is the minimum amount of debt to include in a Consumer Proposal?
Legally, the minimum amount of debt to include in a consumer proposal is $1,000.00.
However, no Trustee would allow somebody to file a proposal for this level of debt when there are other viable options.
Practically, the minimum amount of debt is closer to $10,000.00. However, each person's budget and threshold to cover interest payments is different, so some people will not contact a Trustee until they have far in excess of that level of debt, whereas some may reach out when they have $7,500.00 of debt.