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Difference between bankcruptcy and consumer proposal

what is the big difference between consumer proposal and bankruptcy. Would i be able to get osap if i do consumer proposal? would i be able to sponsor my wife if i do consumer proposal ?

Posted from: Ontario

One Response to “Difference between bankcruptcy and consumer proposal”

A licensed trustee said...

You may not sponsor your wife into Canada during a bankruptcy – if that is something you need/want to do then a consumer proposal will make more sense.

In regards to OSAP, unless you have defaulted on student loans in the past, neither procedure should affect whether or not you will be approved for OSAP. Check with the awards officer at the school to confirm all of this BEFORE you decide to file.