repair timelines
From what I have read, it seems that the timeline to being fully released from your bankruptcy and able to start repairing your credit can be faster than doing a proposal. If you have been given a 5 year payment plan on your proposal, once paid you have a 3 year wait for the proposal to be dropped from you credit report and the wait for a bankruptcy is only 7 years. If you have no assests to lose what would be the benefit to doing a proposal over a bankruptcy??
Posted from: Ontario
The biggest advantage comes to rebuilding credit. As a proposal has a reduced impact on your credit and less of a stigma, in practice it tends to be a little easier to rebuild your credit when you have completed a proposal as opposed to a bankruptcy.