The answer is yes. There are two types of proposals that can be filed under the Bankruptcy and Insolvency Act:
a consumer proposal
a division 1 proposal
What determines which type of proposal you file is the amount of personal debt that you have.
If your personal debts are less than $250,000, excluding the mortgage on your principal residence, then you are eligible to file option one. If you owe more than $250,000, excluding the mortgage on your principal residence, then you can only use option two.
Both types of proposals achieve essentially the same results. Both eliminate interest charges, stop/prevent creditor action and compromise the total amount of debt.
