Consumer Proposal Eligibility
Alternatives to Bankruptcy in Surrey BC
Qualifying for a consumer proposal is not complicated, there is a specific criteria, this criteria is determined by the Government of Canada and the Bankruptcy and Insolvency Act . If you meet the criteria then debt reduction through a consumer proposal could be your best solution.
6 Steps in Consumer Proposal Eligibility
If you are:
- At least 18 years of age, a person (not a business)
- Unable to repay your current unsecured debt in a reasonable length of time and as they become due
- Be insolvent, your assets do not exceed your debts
- Have less than $250,000.00 of debt ( not including your mortgage on your principle residence)
- Are not already in bankruptcy or in an active consumer proposal with creditors
- Employed or have a stable source of income
If you have most or all of these requirements, then a consumer proposal could be your best solution.
ONLY a CIRP, CAIRP, LICENSED BANKRUPTCY TRUSTEE or CONSUMER PROPOSAL ADMINISTRATOR are legally allowed to file and process a consumer proposal. Do not get fooled by claims that credit counsellors or debt companies can file a proposal.
Schedule an appointment to talk to our CAIRP trustee in Surrey
Every situation is different and some assets can be excluded from the process of qualification. This could increase your consumer proposal eligibility.
Speak to Surrey's Trustee604-265-1512