Once a consumer proposal is filed, any wage garnishments are stopped, and assets cannot be seized.
Consumer Proposal vs Bankruptcy
Wage garnishees are stopped,
Certain assets can be seized in a bankruptcy, call us to find out what maybe seizable in your situation.
In a consumer proposal, if the debtor earns or receives income over what was originally described in the proposal, the proposal is not affected.
In bankruptcy if you receive or earn additional income or money then the amount you are required to pay towards the bankruptcy can increase.
Employment is not affected in consumer proposals
Bankruptcy can affect employment for some professions, legal professions, banking, anything to do with money. Bankruptcy can affect your ability to be bonded.
If you get a raise at work you can be required to pay more.
Consumer proposals are prepared by a licensed insolvency trustee and then presents the proposal to your creditors for approval.
Creditors have no say in a bankruptcy.
- Set up cost is included in monthly payment
- Costs less than Bankruptcy
- Debts are reduced up to 70%
- You keep your assets.
- More expensive
- Cost can increase if you earn more
- Tax refunds are forfeited
- Assets are seized
Learn more about Consumer Proposals vs Bankruptcy
We’re in the business of helping people get out of debt and we can help you. Give us a call to learn more about consumer proposals vs bankruptcy. We can go over your options and give you honest advice about whats best for you.
Take the first step to living debt free, call 905-721-7506 for an appointment today.
★★★★★ After years of struggling with credit card debts I was getting deeper and deeper in the hole. Finally a friend suggested I speak to YanchDey.
I made an appointment to speak with Kelli Dey who was non judgemental and explained the differences in a consumer proposal vs filing for bankruptcy. Kelli explained how I could get out of debt and pay off my outstanding loans to my creditors in 5 years with a consumer proposal and avoiding bankruptcy. Now I’m stress free, the calls have stopped, Many thanks! Julie Davies, Oshawa.