Bankruptcy or Proposal?
October 30th, 2007 by Questions
As a family unit, we are on the threshold of what is needed for our monthly expenses if we file for bankruptcy. However, we would prefer to file a consumer proposal even though that might strain our financial situation for at least 3 years. We would really like to re-start all over again as soon as possible with a new mindset on how to approach credit (ideally avoiding it as if it was the devil) but we know that in same cases in our daily life is a necessity, such as needing a credit card to rent a vehicle, mortgage, etc..
Our question is: does a consumer proposal offer us a CLEANER starting point or basically our credit is as damaged as if filing for bankruptcy?.
Morally, we would like to pay at least partially that debt, but from a financial standpoint, it will be extremely difficult to do other things in our life (for example, our oldest child will be unable to go to University one year down the road). That`s our dilemma.