Personal Bankruptcy and Consumer Proposals

M. Diamond & Associates will assess your financial situation to help you to determine if you should file personal bankruptcy or submit a consumer proposal.

To help you understand the differences between declaring personal bankruptcy and consumer proposals:

PERSONAL BANKRUPTCY

is a legal process relieving you of the vast majority of your debts.

Through personal bankruptcy, certain assets are protected including, but not limited to:

  • Personal Effects
  • Furniture
  • Family Allowance
  • Pension Funds
  • RRSP (except for contributions made during the last 12 months)

We can stop most seizures and garnishments by creditors.

No further creditor contact.

Credit counseling included.

The duration of the personal bankruptcy is usually between 9 to 36 months depending on your financial situation, number of people in your home and if you have filed any previous bankruptcies.

CONSUMER PROPOSAL

is an arrangement with your creditors to pay a fair percentage of your debts. The amount is determined with a trustee based on your financial situation.

Through a consumer proposal, your assets are protected, eg:

  • House
  • Car
  • Investment

We can stop most seizures and garnishments by creditors.

No further creditor contact.

Credit counseling included.

Arrangements under a consumer proposal are up to a maximum of 60 months (5 years).

For a free financial assessment, and for help deciding between personal bankruptcy or a consumer proposal,
contact us