These two solutions are similar, but they also have significant differences. Bankruptcy and consumer proposals have the same goal: to release you from your debts. This will free you from the anxiety and concerns related to your debt. Bankruptcy and consumer proposals are increasingly used to settle personal debts in Canada, so don\u2019t be ashamed of using one of these solutions if you are unable to repay your debts. A Licensed Insolvency Trustee\u2019s job is to choose a solution that suits your needs and financial situation while easing your worries.<\/p>\n
The similarities and differences between bankruptcy and consumer proposals should not be ignored when the time comes to choose the right solution. It is important to consider the pros and cons of bankruptcy and a consumer proposal before making your choice. Also, remember that if you choose a consumer proposal, you can always change your mind and declare bankruptcy later. However, the reverse is not always possible; you cannot declare bankruptcy then revisit your decision and easily switch to a consumer proposal.\t\t