You can file a proposal when:
- you do not want to go bankrupt.
- you’re unable to get a debt consolidation loan, and
- your monthly debts are more than you can afford to pay
- you have steady income and can make monthly payments
- Your debts are more than five thousand (5,000) and less than two hundred and fifty thousand (250,000) dollars.
Proposals maybe the best approach instead of filing for bankruptcy which affects you over a longer period of time, with stricter rules on property.