Comments on: Consumer Proposal limits http://www.bankruptcy-edmonton.com/consumer-proposals/2008/10/consumer-proposal-limits.html Bankruptcy Edmonton Tue, 07 Feb 2012 15:47:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Barton Goth, Trustee in Bankruptcy http://www.bankruptcy-edmonton.com/consumer-proposals/2008/10/consumer-proposal-limits.html/comment-page-1#comment-278 Barton Goth, Trustee in Bankruptcy Thu, 30 Oct 2008 13:36:34 +0000 http://www.bankruptcy-edmonton.com/consumer-proposals/2008/10/consumer-proposal-limits.html#comment-278 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 <a HREF="http://www.bankruptcy-edmonton.com/bankruptcy-trustees-in-edmonton.htm" rel="nofollow">contact a local trustee</A> and they will be able to review the differences that exist between the two types of proposals. 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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