140 - Consumer Proposal vs. Bankruptcy: Making the Right Decision for Your Financial Future

The top 2 insolvency options that provide debt relief in Canada are personal Bankruptcy and Consumer Proposals. Both resolve debt problems and provide legal protection from your creditors. However, they are significantly different from each other. Everyone’s situation is different and there is no one size fits all solution in determining which is the best option for you. Your assets, income and the total amount of debt are some of the key factors to be considered. 

In this podcast, Licensed Insolvency Trustee, Julie Drane looks at the differences and how she helps determine the best way forward. Topics include:

When a filing a Bankruptcy is the best optionWhen filing a Consumer Proposal is betterThe effect on your credit ratingPaying your Consumer Proposal off quickerHow choosing to file Bankruptcy or a Consumer Proposal can affect different professions and the ability to sit on a board

Licensed Insolvency Trustees are regulated by the federal government of Canada and are the only professionals who can administer a Consumer Proposal or Bankruptcy. With their extensive knowledge, you can be assured they will give you honest advice to help you make the best possible decision.

About Julie Drane

Julie began her career in the insolvency industry in 1997 with Canada Trust, Citi Financial and then with a corporate trustee. She achieved her goal of becoming a Licensed Insolvency Trustee in 2008 and now focuses on consumer insolvency. 

Julie’s depth of knowledge and commitment to service allows her clients to find the best option for a fresh start. She is now working in the Victoria, BC offices.

Additional Resources Allan Marshall & Associates Licensed Insolvency TrusteeDebt Consumer Proposal: What Types of Debt Can It Pay Off?Considering Hiring a Financial Advisor to Help Manage Your Money? Here’s What You Need to Know