Bankruptcy vs Consumer Proposals—a common dilemma when one finds themselves grappling with overwhelming debt. In such scenarios, Bankruptcy may often emerge as a choice—an official recognition of one’s inability to settle their debts.
When one declares bankruptcy, it signifies an admission from an individual or business of their incapacity to meet their financial obligations.
The goal of declaring bankruptcy is to seek liberation from these pressing debt obligations. Upon such a declaration, a licensed insolvency trustee steps in to oversee the process, which typically involves liquidating assets to repay the outstanding creditors.
