Difference between Bankruptcy and Consumer Proposal

BANKRUPTCY vs. CONSUMER PROPOSAL A bankruptcy and a consumer proposal are both legal options offered to help you deal with your unmanageable debt load. They both can be effective ways of reducing or eliminating your debt. Both options are available for those individuals who are experiencing a high debt load and to protect you from any legal actions including; harassing collection calls and notices, wage garnishment, and possible lien registration. A consumer proposal and a bankruptcy are both governed under the Canadian Bankruptcy and Insolvency Act and they can only be administered by a Licensed Insolvency Trustee. A consumer proposal is a debt relief option which allows you to consolidate your debts. It is a legal process between you [...]