A consumer proposal is a legal agreement between a debtor and their creditors to settle debts for less than the total amount owed. It provides a structured payment plan that is manageable for the debtor and agreeable to creditors.

A consumer proposal is a legal agreement between a debtor and their creditors to settle debts for less than the total amount owed. It provides a structured payment plan that is manageable for the debtor and agreeable to creditors. 

When you file a consumer proposal, your credit rating is assigned an R7 rating. This indicates a formal arrangement to settle debts but is less severe than bankruptcy's R9 rating. 

One of the primary benefits of a consumer proposal is that it allows you to avoid bankruptcy. This minimizes the long-term impact on your credit rating and financial future. 

A consumer proposal is a formal agreement between a debtor and their creditors to repay a portion of their debts over a set period. It is administered by a Licensed Insolvency Trustee (LIT) and provides an alternative to bankruptcy. 

Receivership is a remedy available to secured creditors to recover their debt. A receiver is a person appointed by a secured creditor or by the court to take control of a company’s assets, sell them, and repay the creditor.

Rebuilding your credit is essential after financial difficulties such as bankruptcy or insolvency. It helps you regain access to financial products and demonstrates financial responsibility to lenders.

Bankruptcy is a legal process designed to help individuals or businesses eliminate their debts when they are unable to repay them. Filing for bankruptcy provides a fresh financial start but also has significant consequences.

After bankruptcy, most of your unsecured debts are discharged, meaning you are no longer legally required to pay them. However, certain debts, such as student loans (under specific conditions), child support, and alimony, are not discharged.

Personal bankruptcy is a legal process that provides relief to individuals unable to repay their debts. It allows them to eliminate or restructure their debts under the guidance of a Licensed Insolvency Trustee (LIT).