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If the majority of creditors vote against your proposal you may have to file bankruptcy. · A typical Consumer Proposal is repaid over 4 to 5 years (longer than A consumer proposal stays on your credit report for 3 years after completion (R7 rating), while bankruptcy remains for six to seven years or In bankruptcy, you surrender assets in exchange for the elimination of your debts. In a consumer proposal, you pay back a portion of your debts with no impact

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Compare debt solutions A Canada consumer proposal allows you to pay a portion of your debts and keep your assets while making fixed monthly payments, typically lower than bankruptcy

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Bankruptcy vs Consumer Proposal, Which Is Better? Consumer proposals and personal bankruptcy are common debt relief solutions in Canada. A consumer proposal is a formal agreement with your creditors on the

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Consumer Proposal versus Bankruptcy : What Is the Difference? A consumer proposal is different from bankruptcy in that your bankruptcy trustee must offer your creditors an amount of money to settle your debts. Can I stop paying my creditors before filing bankruptcy? Or a Consumer Proposal? | Hoyes, Michalos, & Associates | Licensed

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