Who Qualifies For Bankruptcy

The answer is very simple. To be eligible to file for bankruptcy you must:
owe at least $1,000 and
have debts greater than the sale value of your assets and
are unable to pay your debts when they are due.

Who Qualifies For Consumer Proposal

This answer is also very simple.  To qualify for debt reduction through a consumer proposal you must:

  • have total debts less than $250,000.00 (excluding mortgage debt on principle residence)
  • have stable income source
  • have no prior insolvency open with any trustees
  • be insolvent

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