Consumer Proposals and Personal Bankruptcy are both legal processes that provide individuals with ways to eliminate their debt. These options can only be filed with the federal government by a Licensed Insolvency Trustee. They are regulated under the Federal Bankruptcy and Insolvency Act. You do have duties to comply with under both processes – but there are less under the consumer proposal. A consumer proposal reports on your credit report as an R7 whereas a bankruptcy reports as an R9. Your assets vest in the trustee in a bankruptcy, but they do not vest in the Administrator in a consumer proposal. There is no “one size fits all” solution that works for everyone. Each person’s financial situation is unique and, because of this, different options work better in different scenarios. A Licensed Insolvency Trustee will explain both options to you, as well as the pros and cons of each as they relate to your specific circumstances. Golding & Associates will act as your guiding light, providing support when you need it and offering simple explanations of this sometimes difficult process.