Consumer Proposal vs Bankruptcy- which to choose?Posted on: April 28, 2016
I’ve been in the insolvency business in Toronto for over 34 years and in all that time I don’t ever remember meeting anyone who actually wanted to go bankrupt. Let’s face it, who would? I have met an awful lot of people who did realize and accepted that bankruptcy was the solution they needed. But, going bankrupt really hadn’t been on their To Do list when they left high school, right?
So I know that the vast majority of people who come to see us at Richard Killen & Associates would greatly prefer to solve their debt problems some other way – maybe a consumer proposal or some other kind of debt consolidation. Ultimately it boils down to finding out what options are available to you, what the consequences will be and then deciding what’s best for you and your family.
Well, the first step is simple – talk to a Licensed Insolvency Trustee like Richard Killen & Associates. That’s what we’re here for. We are licensed by the Federal Government and so duty bound to assess your situation for you and explain all the options and their consequences. Once you know what paths are available and where they will lead you can decide which one to take. But, at least it’s you doing the deciding, right?
If you do decide that one of the legal options is what you need, a Toronto Licensed Insolvency Trustee can provide you with two choices: a bankruptcy and a proposal, in most cases a Consumer Proposal. So which to choose?
It’s a good question, but to try to explain all the variables would take many pages here. Suffice to say that the Trustee will explain what applies to you and help you weigh the pros and cons. Though the decision must be yours, our job is to make things as clear to you as possible so you can make the best choice for yourself.
Now here’s the neat part. That consultation with Richard Killen & Associates is FREE- no charge, no strings attached. Not a bad price for the kind of empowerment a person with debt problems wonders if she or he will ever find.
So don’t stew about those bills any more. Call us or contact us by email and make an appointment for that free consultation. Remember, it may be the most stress-relieving call you ever make.
Licensed Insolvency Trustee
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