Debt repayment calculator

While both bankruptcy and consumer proposals offer a solution to alleviate your debt, they differ in terms of the assets you can keep, repayment structure, duration, filing process, and impact on your credit rating.

A consumer proposal is a great option for those who can afford payments to creditors but need a modified arrangement and/or have equity in assets to protect and want a lesser impact on their credit rating. On the other hand, bankruptcy can eliminate overwhelming debt for people struggling to meet their financial obligations in as little as nine months. You can learn what each option will look like, given your specific situation, during a free, no-judgment consultation with one of our debt solutions professionals.

A consumer proposal is paid over a maximum of five years. If you’re able to, you can make larger payments to finish the proposal faster. There will be a note on your credit record for three years after the proposal has been fully executed, or six years after the start date of the proposal, whichever comes first.

Once a consumer proposal or bankruptcy is filed, we take charge of dealing with your creditors. You don’t have to pay the debt included in the procedure and you should refer creditors who continue to contact you to your trustee. A stay of proceedings will also be issued upon filing, which legally prohibits debt collectors from continuing any collection activity on the included debt.