Consumer proposals and personal bankruptcy are the two most common financial restructuring plans available in Canada. When comparing the two, it’s important to select the option that gives you the greatest financial benefit to eliminate your debt.
Although both options provide you with immediate protection from your unsecured creditors, each offers varying benefits and the best option will depend on your current financial situation.
The following illustration provides an overview of the main differences between a consumer proposal and a personal bankruptcy.
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I wish to thank you for your understanding through my ordeal. For the compassion and thoughtfulness of what I was going through.Sonia B.