- If you have debts over $5,000 but not exceeding $250,000 (not including your home mortgage)
- If you have a source of income and can afford to make your monthly payments
- If you are unable to obtain a consolidation loan from a bank because your debts are too high
- If you are unable to repay all of your debts on time
- If you want to avoid the rigors regarding income and asset rules when filing bankruptcy
- If you are in danger of losing assets such as your home or car, or, you intend to release them to the secured party
Be aware, however, that the court can nullify the consumer proposal in Edmonton if you default more than, or equal to, three payments (where payments are made monthly or more frequently) or (if less frequently) 3 months after being in default of any payment that is not remedied within the prescribed time limit.