Bankruptcy provides relief from your ordinary debts, often for a fraction of the cost of consolidation payments. Debt Consolidation provides relief from managing many accounts, but does not reduce the amount due.
Bankruptcy addresses nearly all unsecured debts, and is often over in as little as 9 months. The cost is not related to the amount owed, and often is limited to a reasonable administrative fee, payable over time.
Debt Consolidation is a new loan which is used to pay off some or all of your other debts. The new loan is for the full amount of your debts, and can take 10 years or longer to repay. In our experience, debt consolidation is only effective if the paid-off credit accounts are closed.
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