The Rules:

A proposer must be “insolvent” and must be able to show that insolvency There are thresholds that must be met in regard to:

• Income – currently no more than $62,735 AFTER TAX (as an individual)
• Assets – must not exceed $83,647 (as an individual)
• Liabilities (unsecured) – must not exceed $83,347 (as an individual)

You must NOT have:

• Been a bankrupt in the preceding 10 years;
• Proposed a formal debt agreement in the preceding 10 years;
• Executed a S188 (a formal admission of insolvency) in the preceding 10 years.