Proposal (Part III, Section 1 on the Bankruptcy Act)

Proposals are subject to the same provisions that govern proposals registered by businesses and may be an option for those individuals who do not meet the criteria for registering a consumer proposal. Proposals can be submitted, subject to certain conditions, by individuals with debts in excess of $75,000, not counting their principal residence. Proposals are the frequent choice of bankruptcy professional or individuals with income tax debt and for whom bankruptcy would adversely affect the exercise of their profession.