consumer proposal and 75k limit

I have unsecured debt for roughly 70K and student loans(I believe these would survive because I have only been out of school for 2 years) for about 40K.
Can I make proposal to those unsecured creditors? In other words, does the 75K limit for proposals applies calculating ALL debt or only those debts that are cleared in bankruptcy?

Posted on Thursday, December 4, 2008 | Filed under: Consumer Proposals
 posted by Questions @ 7:12 am 1 Comment
1 Expert Comment:

 At December 6, 2008 | 3:05 pm , Barton Goth, Trustee in Bankruptcy Said...

The 75k limit you are referring to is all debt except for the mortgage on your principle residence, not just the amount that is cleared. So you would not qualify for a consumer proposal if you had $110k of unsecured debt including your student loans, but you could still do a proposal. There is something called a Division I Proposal that was originally intended for commercial situations, but you could use. So I would recommend you contact a local trustee using the email box above and we can run through the differences between the consumer a division one proposals.

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