2 - Consumer Proposals vs Bankruptcy

The economic fallout from the COVID-19 pandemic has affected everyone. Many Canadians are carrying more debt than they can handle and are exploring all the options that may be available to them. In today’s podcast, Licensed Insolvency Trustee, Jillian Taylor-Mancusi, looks at two of the most popular debt relief options. She explains the difference between filing a Consumer Proposal and Bankruptcy. 

 

In this episode Jillian talks about at what point you may need to consider either one and answers some of the most frequently asked questions:

How does a Consumer Proposal differ from a debt consolidation loan?If I have equity in my home should I file a Consumer Proposal or a Bankruptcy?How do I get a Stay of Proceedings that will stop wage garnishment and all other collection activity?Who do I turn to for advice and what is the first step I should take?

 

Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. They are the ones that will give you honest advice about all the options available to you. This podcast is a great starting point to get the facts from an experienced debt expert before you make any decisions.

 

Additional Resources:

LCTaylor – Licensed Insolvency Trustee in Winnipeg | Bankruptcy Trustee CanadaConsumer Proposals Winnipeg – What Is A Consumer ProposalBankruptcy Winnipeg & Bankruptcy Trustee Winnipeg – Bankruptcy Services