Consumer Proposal or Bankruptcy

A Consumer Proposal is a settlement offer you make to your creditors, who vote on your offer. Bankruptcy is a notice to your creditors that you are unable to pay, no vote required.

What are the differences between a Consumer Proposal and Bankruptcy?

A Consumer Proposal tells your creditors that even though you cannot afford to pay all of your debt, you can pay a portion of it. The creditors then vote on your offer. A Consumer Proposal can spread payments over a maximum of 5 years, interest-free.

Bankruptcy allows you to advise your creditors that you cannot afford to pay even a portion of your debts. The creditors do not vote. For those without assets* or with a limited income, Bankruptcy is generally faster and less costly than a Consumer Proposal.  

*In most cases, Bankruptcy does not affect a person’s house or car. Talk to us for more information.

 
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Ross Taylor
Ross Taylor
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I have been referring my clients to Carl and Jordan Rumanek for more than ten years and I am proud to know them and respect very much their values and the services they provide. There are no bad questions with Rumanek and Company - and they work hard to find a balanced solution that benefits both the creditors and the debtor. Jordan has taught me a great deal about the insolvency business!
Sharon Maxwell
Sharon Maxwell
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I am so grateful to Jordan Rumanek for the time and effort he put in to solving my bankruptcy problem. He worked well with me and my lawyer, recognized the problem and had a solution, and communicated promptly. Things were settled in a very timely manner. I would highly recommend him!
Michael Fazari
Michael Fazari
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Jordan of Rumanek & Company Ltd helped me through my default and had my bankruptcy discharged extremely quickly. The staff were knowledgeable and were beyond accommodating to my needs. I applaud all of the staff at Rumanek & Company and the way they go above and beyond to help their clients.
Sam Velarde
Sam Velarde
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Jordan Rumanek of Rumanek & Company Ltd has helped me through a difficult time in my life. The staff have gone beyond the call of duty. I appreciate all the staff at Rumanek & Company and the way they treat me. I would recommend them to anyone with financial problems.
Todd H
Todd H
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Jordan and his team took extremely good care of me from start to finish. They explained everything with great detail and dealt with everything in an efficient and professional manner. I would highly recommend them should you ever need assistance with a consumer proposal or bankruptcy.
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