Consumer Proposal same as Bankruptcy

August 23rd, 2005 by Questions

About 3 years ago I went with a company that consolidated all my personal charge card debts totaling close to 50,000.00. I have been making payments of 1025.00 a month and was told that I would be paid off after 5 years. I have been told that my credit rating shows up as me having claimed bankruptcy but I really haven\’t. I am making all the payments on time. Would I have been better off claiming bankruptcy as I now live paycheque to paycheque and am finding it very difficult?

Questions

One Response to “Consumer Proposal same as Bankruptcy”



, Barton Goth, GCO Inc. Bankruptcy Trustees said:

Wheter or not you would have been better to file bankrutpcy is a question that is very difficult to answer without examining the specific details of your financial situaiton. However, I can tell you that a consumer proposal has a reduced impact on your credit in comparison to a bankrutpcy, both in severity and time. A Proposal lists an R7 for 3 years from completion and a banruptcy is an R9 for 6 years from completion.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)