A consumer proposal is an arrangement between you and your creditors for a certain payment. Consumer proposals are written as a 60 month payment plan but you have the flexibility to pay it off sooner. Total payments, in most cases, will be less than you total debt load and have no interest component. For a consumer proposal to be accepted, we only need 51% (based on debt load) of your creditors to say yes. If that happens, ALL your unsecured debt is part of the consumer proposal. Best part is that our fee is included in your payment.
When it is a struggle to make your payments in the normal course and a consumer proposal is not an option, consumers still need to have an option to deal with there debt. A bankruptcy can be done as quick as 9 months. The length of your bankruptcy will depend on household income, whether you have been bankrupt before and whether you are able to complete some basic duties. These duties include reporting income, providing us your tax info and attending two credit counselling sessions.