In a bankruptcy, most people are:
- unable to pay their debts
- may have lost or reduced income(s)
- don’t have much left over after paying basic necessities.
Consumer proposals on the other hand,
- renegotiate the amount and terms of the loan(s)
- give you the ability to pay at least a portion of your debt,
- stops interest compounding and giving you more time to pay without penalties.
Consumer proposals have other advantages over bankruptcy.
Read more about consumer proposals versus filing for bankruptcy >