http://www.bankruptcy-canada.ca/credit-counselling/2009/10/difference-between-credit-counselling-loan-and-consumer-proposal.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 http://www.bankruptcy-canada.ca/credit-counselling/2009/10/difference-between-credit-counselling-loan-and-consumer-proposal.html#comment-111229 Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy Fri, 30 Oct 2009 15:59:30 +0000 http://www.bankruptcy-canada.ca/credit-counselling/2009/10/difference-between-credit-counselling-loan-and-consumer-proposal.html#comment-111229 There is no difference when you look at impact on credit, the difference is in how the contract is set up and the cost associated to do so. With <a HREF="http://www.moneyproblems.ca/credit-counselling.htm" rel="nofollow">credit counseling</A> the debt is typically paid in full and there are likely administration charges on top of the debt itself. With a <a HREF="http://www.bankruptcy-edmonton.com/bankruptcy-edmonton.htm" rel="nofollow">bankruptcy</A> you are afforded the ability to negotiate a settlement with the creditors, so depending on your financial circumstances you may be able to save a substantial amount of the principle. There is no difference when you look at impact on credit, the difference is in how the contract is set up and the cost associated to do so. With credit counseling the debt is typically paid in full and there are likely administration charges on top of the debt itself. With a bankruptcy you are afforded the ability to negotiate a settlement with the creditors, so depending on your financial circumstances you may be able to save a substantial amount of the principle.

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