Consumer Proposal vs. Bankruptcy
Consumer Proposals and bankruptcies are both government legislated options which can provide you with relief from significant debt problems. In addition, both debt solutions can only be administered by a Licensed Insolvency Trustee and provide a legal stay of proceedings which require creditors to discontinue harassing collection calls, garnishment or other legal proceedings.
Determining which, if either, option is an appropriate solution in your own unique situation depends on a number of variables. Let’s explore the advantages and disadvantages of both a Consumer Proposal and a bankruptcy.
Consumer Proposal - Advantages and disadvantages
Bankruptcy - Advantages and disadvantages
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Nearly half of Canadians doubtful they can cover living expenses this year without going into further debt, highest level in three years
MNP Consumer Debt Index
The quarterly poll conducted by Ipsos on behalf of MNP LTD, finds almost half of households (45%, +6) are not confident they’ll be able to cover all living and family expenses in the next 12 months without taking on more debt.
2021-07-19
Nearly half of Ontarians doubtful they can cover living expenses this year without going
MNP Consumer Debt Index
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More than half (54%) of Ontarians within $200 of financial insolvency; up 13 points since December, reaching a five-year high
MNP Consumer Debt Index
