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Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

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Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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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

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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.