To be eligible for the insolvency protection application called a consumer proposal
A) you must be solvent and more than $200,000 in debt
B) you must be insolvent and more than $200,000 in debt
C) you must be insolvent and less than $75,000 in debt, excluding a mortgage on your principal residence
D) you must be solvent and less than $100,000 in debt
E) you must be insolvent and more than $100,000 in debt, excluding a mortgage on your principal residence

Question

Quizplus · Accepted Answer

To be eligible for a consumer proposal, you must be insolvent and have total debts (excluding mortgages) of less than $75,000. This is because a consumer proposal is only available to individuals who cannot meet their debt obligations as they become due.

To Be Eligible for the Insolvency Protection Application Called a Consumer