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Bankruptcy FAQ

Licensed Insolvency Trustee holding up a piece of paper and advising a person on bankruptcy options.

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.

Compare Your Options

Latest Blog Posts

2021-04-08

More than half (54%) of Ontarians within $200 of financial insolvency; up 13 points since December, reaching a five-year high

Caryl Newbery-Mitchell

MNP Consumer Debt Index

More than half (54%) say they are $200 or less from not being able to cover their monthly bills and debt obligations, a whopping 13-point jump from December. Compared to the other provinces, Ontarians are the most likely (32%, +10pts) to report they are already insolvent with no money left to cover their payments at month-end.

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