Consumer Proposal limits

Posted on Monday, October 27, 2008

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I have heard that there are changes to the legilsation pending. Do you know when these changes will take effect?

The one I am most interested in is the change in the consumer proposal limits from $75,000 to $250,000?

Any advice would be appreciated.

Filed under: Consumer Proposals
 posted by Questions @ 7:13 pm
1 Expert Comment:

 At October 30, 2008 | 6:36 am , Barton Goth, Trustee in Bankruptcy Said...

You are right that there are changes pending and we are hopeful that they will be enacted soon. The unfortunate thing is that no one knows for sure when these changes are going to be implemented. We were expecting sometime during the fall of 2008, but as you can see we are almost at the end of October and it still hasn`t happened.

As a result the $75k limit still is in place. This doesn`t mean that you can`t still file a proposal, but if your over the 75k in debt then you would have to do a Division I Proposal, which practically is the same as a consumer proposal.

For more information on this you can contact a contact a local trustee and they will be able to review the differences that exist between the two types of proposals.

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