benefit of proposal vs bankcruptcy
September 11th, 2010 by Questions
A consumer proposal can extend up to 5 years and appear on a credit report for up to 3 years after that. A bankruptcy can be discharged in less time and be on a report for up to 6-7 years BUT you can start to rebuild credit immediately.
It seems to me the proposal requires one to pay longer (possibly more) with potentially a longer time horizon during which it can hurt one`s credit worthiness.
That all said, how can a proposal be more beneficial than a bankruptcy? I`m struggling to see clearly on this. Thank you for any information you can provide.
Posted from: Ontario