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Is Consumer Proposal Considered a Bankruptcy?

Just wondering if Consumer Proposal is actually considered a Bankruptcy? I understand that it falls under the Bankruptcy Act? So if posed the question “did you ever file for bankruptcy” would you answer yes?

Thanks!

Posted from: Alberta

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One Response to “Is Consumer Proposal Considered a Bankruptcy?”

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

No, a consumer proposal and a bankruptcy are two distinct options. In fact the consumer proposals was created as an alternative to filing bankruptcy so that people with a little more means wouldn’t be forced to file a bankruptcy. The each have a different impact on your credit, both in the short and long term and have different duties and responsibilities associated with them.