Consumer Proposal or Bankruptcy – Find Out Which One Is For You!
Before we go into comparing each program and looking into the advantages and disadvantages of each one, it’s important to point out that both programs are designed to help honest but unfortunate individuals, families, or businesses obtain relief from debt.
Both Consumer Proposals and Bankruptcies are governed by the Bankruptcy and Insolvency Act and are legally binding processes for debtors and creditors alike.
Although both will provide relief from debt, they are different. Here are the 5 main differences between the two:
While the chart above outlines the most important differences between a Consumer Proposal and Bankruptcy, it is not complete. Every situation is different and we recommend that you consult a licensed bankruptcy trustee or proposal administrator for more specific advice on what will work better for your particular circumstances.
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