Duhaime's Law Dictionary


Consumer Debtor Definition:

A term of bankruptcy law designating debtors who have debts under a prescribed amount.

In Canada, the Bankruptcy and Insolvency Act defines a consumer debtor as:

".... an individual who is bankrupt or insolvent and whose aggregate debts, excluding any debts secured by the individual’s principal residence, are not more than $250,000 or any other prescribed amount."

Compare with other bankruptcy law terms, consumer debt and consumer proposal.

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