Consumer Proposal - debt threshold increase.   A consumer proposal may be filed by someone with up to $250,000 in debts, excluding mortgages on their principal residence.  The current threshold is $75,000.

Surplus Income – mandatory payments.  First-time bankrupts who have surplus income will be required to contribute a portion of the surplus to their estate for 21 months and second-time bankrupts will be required to contribute for 36 months, subject in both cases to a change in circumstances affecting income.

Bankrupts with High Income Tax Debt - will not be eligible for an automatic discharge.  Bankrupts with personal income tax debt which exceeds $200,000, or represents 75% or more of total unsecured proven claims will have to seek a Court Order to be discharged from their debts.  This is to prevent the use of bankruptcy by high-income individuals as a strategy to avoid large income tax debt.

Discharge of Second-Time Bankrupts – time period extension.   Second-time bankrupts are eligible for an automatic discharge after 24 months (36 months if they have surplus income).

Ipso Facto Clauses – will apply to bankruptcies.   The protection afforded to debtors under Division I and II proposals against the impact of "ipso facto" clauses (a clause that allows a creditor to terminate an agreement on the basis of the filing of a proposal) will be extended to bankruptcies.  This will insure consumers have access to basic services such as electricity, gas, telephone, and leases after bankruptcy.

Secured Loans - cannot be terminated when personal bankruptcy is filed.  There will be the option to continue to pay the secured loan and keep the asset if payments are up to date and absent of any other defaults.