You may have heard that there are two types of proposals that can be filed under the Bankruptcy and Insolvency Act. The consumer proposal is the most popular. The Division I proposal is usually used for more complex matters or for those with debts exceeding $250,000. What are the some of the similarities and some of the differences? Below is a table outlining a comparison between the two types of proposals. However, in both cases, it is a way to deal with debt and avoid bankruptcy and can only be administered by a Licensed Insolvency Trustee (“LIT”).
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(download a PDF copy of this comparison chart here)