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How are Consumer Proposals Different from Bankruptcies?

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Published on Oct 20, 2011

Consumer Proposals Vs Bankruptcy: Many people think a consumer proposal is the same as a bankruptcy. This is untrue. A consumer proposal is a commitment from the debtor to pay down some of what they owe, usually paying to the creditors an amount larger than what they would receive in a bankruptcy. A consumer proposal is different from bankruptcy in that it does not require you declare your pay stub every month to show your income. In a consumer proposal, you have a fixed monthly payment that you must make and if your pay increases, you get to keep the surplus. In a bankruptcy, you do not get this advantage. Another drawback of a bankruptcy is that you lose many of your assets. You could lose your tax return, your RRSP or even your house or car. In consumer proposals, you do not lose these assets. You can find out more about the benefits of a consumer proposal here: https://www.hoyes.com/consumer-propos...

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