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Consumer Proposals
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Personal Bankruptcy
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Debt Repayment Options
- Do Nothing
- Debt Consolidation Loan
- Informal Agreement with Creditors
- Debt Management Program (DMP) - Offered through Credit Counselling Society
- Orderly Payment of Debts (OPD) - Offered through Money Mentors
- Consumer Proposal (debts less than $250,000, excluding principal residence mortgage)
- Division I Proposal (debts over $250,000, excluding principal residence mortgage)
- Bankruptcy
Am I better off to file for Bankruptcy or a consumer proposal?
It all depends on your situation if either a consumer proposal or bankruptcy
When you first meet with a Trustee they will go through your situation and review your options. They'll explain the advantages and disadvantages of each option, as well as costs and timelines.
Ultimately the decision is up to you. You should not feel pressure to choose one option over another.