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consumer proposal vs voluntary assignment

Please help me clarify what the difference is between Consumer Proposal and Voluntary Assignment, if any. Thank you!

Posted from: British Columbia

One Response to “consumer proposal vs voluntary assignment”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

A consumer proposals is a court sanctioned way to negotiate a settlement with your creditors.

The making of a Voluntary Assignment is referring to an Assignment in bankruptcy. So this is a legal way to be cleared from your debt, there is no negotiated settlemnt, you simply avail yourself of the federal legislation governing bankruptcy and when you complete your necessary duties the balance of your unsecured debts is written off.