You’ve reached the end of your rope. You’ve got collectors calling you and no idea where you’re going to get the money to pay them back. So what do you do? For many, the first (and most terrifying) thought is filing for bankruptcy, but that’s far from the only option. A less talked about alternative is entering a consumer proposal (one step above the severity of bankruptcy on the financial ladder).
In order to decide which option makes more sense for you, we’ve broken down both the pros and cons of bankruptcy and consumer proposal so you can educate yourself on the basics before making a decision.