{"id":38,"date":"2011-05-12T21:17:55","date_gmt":"2011-05-12T21:17:55","guid":{"rendered":"https:\/\/www.sands-trustee.com\/?page_id=38"},"modified":"2024-02-27T13:43:50","modified_gmt":"2024-02-27T21:43:50","slug":"consumer-proposals-vs-bankruptcy","status":"publish","type":"page","link":"https:\/\/www.sands-trustee.com\/personal-debt-consolidation\/consumer-proposals\/consumer-proposals-vs-bankruptcy\/","title":{"rendered":"Consumer Proposal VS Bankruptcy in Canada"},"content":{"rendered":"

Many people are surprised to learn that in Canada they have an alternative to consolidation loans as well as personal bankruptcy. Consumer Proposals<\/a> are a legislated debt settlement option and hugely popular alternative debt solution to personal bankruptcy.<\/p>\n

Interest in Consumer Proposals as a debt consolidation tool has been increasing for a number of years, and in BC more people are now choosing to settle debt using a Consumer Proposal instead of filing personal bankruptcy<\/a>.<\/p>\n

Consumer Proposals are typically structured as monthly payments over a set period and can drastically cut the amount of debt you must pay to consider your debts paid in full \u2013 reductions of up to 80% are possible. The flexibility of a Consumer Proposal means there is a range of consolidated debt settlement terms that you can offer creditors to streamline debt payments and reduce the strain of debt on your household finances, without bankruptcy.<\/p>\n

Although Consumer Proposals may be outpacing bankruptcy in sheer number of filings, personal bankruptcy may still be the best option<\/a> for debt management in situations where a person is facing a large amount of debt with relatively little income or no ability to make even a modest payment towards their debt.<\/p>\n

In all cases it is best to connect directly with a Licensed Insolvency Trustee to discuss your specific circumstances and needs before making any final decisions. Navigating consumer debt situations can be complex and not all solutions are created equal.<\/p>\n

You can <\/em>connect confidentially with a Sands & Associates representative<\/em><\/a>\u00a0to explore your debt options, including Consumer Proposals and personal bankruptcy. Consultations are free and without obligation. No referral is required.<\/em><\/p><\/blockquote>\n

What\u2019s the Difference Between a Consumer Proposal and Bankruptcy?<\/h2>\n

While both Consumer Proposals and bankruptcy are debt management options only available by working with a Licensed Insolvency Trustee, they are two distinctly different processes.<\/p>\n

\n\n
\n
\n
\n
\n

Consumer Proposal
VS.<\/span> Personal Bankruptcy<\/h2>\n

No matter your ultimate financial and personal goals, it\u2019s essential to understand all the solutions available to you so you can make informed decisions and get a debt-free plan that\u2019s right for you and your unique situation.<\/p>\n

Learn about some of the unique benefits provided with two solutions Licensed Insolvency Trustees offer, and the main differences between powerful debt management strategies available in Canada: Consumer Proposals and personal bankruptcy.<\/p>\n

<\/div>\n <\/div>\n <\/div>\n <\/div>\n
\n
\n
\n Consumer Proposal\n <\/div>\n
\n Personal Bankruptcy\n <\/div>\n <\/div>\n <\/div>\n
\n
\n Types of Debt Eligible\n <\/div>\n
\n
\n \n <\/div>\n
\n

Both a Consumer Proposal consolidation and personal bankruptcy filing can include virtually all types of debt, including but not limited to:<\/p>\n