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
![Chart listing the advantages and disadvantages of a consumer proposal](/-/media/images/mnpdebt/consumer/blogs/consumer-proposaladvantages-and-disadvantages-1-png.png)
Bankruptcy - Advantages and disadvantages
![Chart listing the advantages and disadvantages of bankrupcty](/-/media/images/mnpdebt/consumer/blogs/bankruptcyadvantagesanddisadvantages-1-png.png)
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How to Manage Digital Costs Draining Your Bank Account (MNP 3 Minute Debt Break)
Lifestyle Debt
In today’s digital era, the convenience of obtaining anything with a tap of your finger is undeniable. However, these luxuries can quickly add up, significantly impacting your bank account.
Let's take a look at some common digital expenses and strategies to keep them under control.