Frequently Asked Questions
We understand that bankruptcy and consumer proposals can raise many questions and concerns. To provide you with some initial guidance, we have compiled a list of frequently asked questions. Please review the following information to find answers:
Frequently Asked Questions.
What's the difference between a consumer proposal and a bankruptcy?
Both options protect you from legal actions by creditors.
A consumer proposal is a formal agreement between you and your unsecured creditors, where you negotiate through a Licensed Insolvency Trustee to repay a portion of your debt based on your income, assets, and overall debt load. It offers a manageable way to reduce your debt burden while providing protection from creditor actions.
Bankruptcy is a legal process that eliminates most of your debts and puts an end to legal proceedings initiated by creditors. Certain assets may need to be settled with the Licensed Insolvency Trustee. You can achieve debt relief while maintaining ownership of your assets once they are settled with the Trustee.
Our experienced team can guide you through the intricacies of consumer proposals and bankruptcy, ensuring you understand the nuances and benefits of each option. Let us help you choose the right path to regain financial stability and a fresh start.
Resources for Learning About Personal Bankruptcy and Consumer Proposals.
If you're interested in learning about personal bankruptcy and consumer proposals, there are numerous resources available. A great place to start is the Canadian government website, as they often provide information about the legal requirements and procedures for filing for bankruptcy or proposing a consumer proposal.
For personalized recommendations based on your specific situation, you can also consult with a licensed insolvency trustee like Sheriff Sole & Madej Inc., who can guide you through the process.
And if you want to dive deeper into the subject, we have compiled some of our favorite articles and videos below.
*Click On Our Resources Titles Below To be Redirected to the Article/Video.