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Consumer Proposal Division I Proposal Debt limit Must have less

What are the requirements for a Division 1 proposal?
What are the terms of a Division 1 Proposal? Your proposal must include an estimate of what the creditors would receive if you filed for bankruptcy, and, it must offer creditors at least the same amount or better.
Although Division 1 Proposals normally follow a five-year plan, they can be for a longer time-period.
What is the maximum debt level for a consumer proposal?
3- Total Debt: Consumer proposals have a maximum debt limit of $250,000 (excluding mortgage debt), which may not be suitable for individuals with higher debt levels.
Does a consumer proposal reduce debt?
Advantages of a Consumer Proposal
As the #1 alternative to filing bankruptcy, a consumer debt proposal provides several benefits over other debt relief options: Reduce your debts by up to 70% and get out of debt sooner.
You will be out of debt in 3 to 5 years.
Keep all your assets, including any equity in your home.
In order to be eligible to file a consumer proposal with your creditors you must be insolvent, which means you owe at least $1,000 to your creditors and are unable to repay your debts as they come due.
Your creditors also must vote to accept your consumer proposal.

When trying to determine whether a Consumer Proposal or Division I Proposal is right for you, consider the amount of debt you have and whether you are filing for yourself or your business. A Consumer Proposal is for debts less than $250,000 (excludes mortgage on primary residence) and is filed by an individual.

Consumer Proposal Division I Proposal Debt limit Must have less

What are the requirements for a Division 1 proposal?

What is the maximum debt level for a consumer proposal?

Does a consumer proposal reduce debt?