A Consumer Proposal may be a better option than bankruptcy for a number of different reasons, including:

  • An individual can retain assets that may be available to creditors in a bankruptcy;
  • An individual can continue to be a director of an incorporated company;
  • An individual’s professional accreditation may not be at risk, whereas in a bankruptcy, there may be issues;
  • The Consumer Proposal remains on the individual’s credit report for three years following completion of the terms, whereas bankruptcy is noted for a minimum of six years following a discharge, and;
  • Creditors receive more from a Consumer Proposal than they do from a bankruptcy and, for that reason, are more inclined to accept the arrangement to settle the debt.

Knowing is not owing!
Find answers to more commonly asked questions about Consumer Proposals in our FAQ section. Watch our short video: What are the Benefits of a Consumer Proposal?