Filing a proposal requires that you be 'Insolvent'. The Bankruptcy & Insolvency Act defines an insolvent person as an individual who owes more than $1,000 and is unable to meet their debt obligations as they become due. You are also insolvent if the fair value of your assets and property is less than your total debts. When you meet with a Licensed Insolvency Trustee from our office, they will help you understand if a consumer proposal is the proper option for your situation.