2. Decide if a consumer proposal is your best option
Question & AnswerCan a consumer proposal help me get out of debt?
A might be a good option to help you get out of debt if you:
- are not able to pay back the whole amount you owe
- have a house, car, or other things that you do not want to lose in
- are able to make smaller payments on your debt to help reduce what you owe
But there are some disadvantages. Your will go down and your will have a note about your consumer proposal for 3 years after you finish paying the consumer proposal.
Sometimes the effects of a consumer proposal can last longer than those of a bankruptcy. For example, information about a bankruptcy will come off your report 6 to 7 years after you are discharged. If you take 5 years to pay off your consumer proposal, a note about it will be on your credit report for a total of 8 years.
You might have other options. For example, you could:
- talk to your creditors
- apply for a
- file for bankruptcy