Personal bankruptcy and a consumer proposal 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 greatest financial benefit to eliminate your debt.
Although both options provide immediate protection from our 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 personal bankruptcy and a consumer proposal.
Thank you all for making a not so happy time a positive learning experience.Kelvin & Deb J.