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What are the disadvantages of a Consumer Proposal?

There are 4 main disadvantages of a Consumer Proposal.

  1. More expensive than bankruptcy.
  2. Often a longer process as compared to bankruptcy.
  3. Creditors will drive the proposal terms (Creditors can vote against and request more money to be paid as a condition of their acceptance of the proposal)
  4. There is no guarantee creditors will accept your initial proposal offer.