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What is the difference between consumer proposal and bankruptcy?

What is the difference between consumer proposal and bankruptcy?

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Answer #1

Difference between consumer proposal and bankruptcy:

The difference between the consumer proposal and bankruptcy is listed below

Bankruptcy

Consumer Proposal

Claimed by one who owes $1000

Claimed by the one whose debt does not exceed $250,000

Most of the debt would be relieved immediately

Must have the ability to repay the remaining debt

Will lose the assets

Will keep the assets

Credit rating would be R9

Would receive R7 credit rating

Payments are based on income, expense and house size

Amount is agreed by the person and the creditor

It will last for 9 months

Will last up to 5 years

Tax refund turn over to your creditors

Can hold the refunds
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