Consumer proposal vs. bankruptcy faqs We ve prepared this online video to answer the consumer proposal vs. bankruptcy FAQs that we are normally questioned. This information will hopefully help you understand better exactly what a Consumer Proposal is and how it will also help you clear the money you owe and AVOID individual bankruptcy. The most asked consumer proposal vs. bankruptcy FAQS Consider some of the advantages of the consumer proposal vs. bankruptcy, such as: You keep all of your assets Actions against you by creditors, such as wage garnishments are going to be stopped Unlike informal unsecured debt settlement, the consumer proposal is a forum where all of your creditors must handle your restructuring You don’t need to declare bankruptcy Additional reasons are: The opposed bankruptcy discharge process is not quick. Courts are backed up so your bankruptcy discharge hearing may not happen for many months. So think of 4 months or more being added on to the 21 or 36 months
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