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Tom Davis

What is the difference between a bankrupty and a consumer proposal

Posted from: Ontario

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One Response to “Tom Davis”

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

While both a bankruptcy and a consumer proposal are provided for under the Bankruptcy and Insolvency Act, they are quite different.

For instance, a bankruptcy is designed to be the quickest way to deal with outstanding debt. Once you have completed a set list of duties it ultimately results in the creditors writing off a majority of the debt.

On the other hand a consumer proposals is legal process that allows you to negotiate a court sanctioned settlement with your creditors so that you pay a portion of the money back over time and therefore are able to avoid a bankruptcy.

If you are curious about more of the difference, as there are quite a few, I would encourage you to contact a local trustee directly.