12 Fact Comparison of Various Alternatives For Dealing With Debt

           

            Considerations

Credit
Counselling

Consolidation
Loan

Informal
Settlement

Consumer
Proposal

 
Bankruptcy

      1.   My debt payments stop

No

No

No

Yes

Yes

      2.   My interest stops building

No

No

Yes

Yes

Yes

      3.   Protects me from creditors

No

No

No

Yes

Yes

      4.   My creditors write off debt

No

No

Yes

Yes

Yes

      5.   My creditors must cooperate

No

No

No

No

Yes

      6.   Government controlled

No

No

No

Yes

Yes

      7.   My time line is fixed

No

No

No

Yes

Yes

      8.   What is the cost to me?

2nd Most
Expensive

Most
Expensive

3rd Most
Expensive

2nd
Cheapest


Cheapest

      9.   How long to complete?


Longest

Possibly
Longest

Possibly
Shortest

2nd
Shortest


Shortest

    10.   Can I be Unemployed?

No

No

No

No

Yes

    11.   Legally binding on my creditors

No

No

No

Yes

Yes

    12.   Payments as low as $100 / month

No

No

No

Yes

Yes

Conclusion

A Consumer Proposal is possibly your best solution for solving your financial difficulties. It costs a little more, and takes a little longer, but it avoids bankruptcy, and leave you in charge of your financial future. A Consumer Proposal stops your creditors from taking further action against you.

On the other hand, you can see from this comparison Bankruptcy offers the shortest time period, and the cheapest solution, to resolving financial difficulties. Bankruptcy also stops your creditors from taking further action against you.

The other possible solutions do not protect you from continuing creditor debt recovery action. They all cost more, and take longer to complete.

Contact James Walker now at 905-279-7000 for a detailed discussion of your financial difficulties and your alternatives.