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The speed Discharge: Bankruptcy wins over Consumer proposal

In the world of debt relief, two primary options often come to mind: consumer proposals and bankruptcy. While both offer a path to financial freedom, they differ significantly in their implications and long-term effects. This article will argue why bankruptcy, despite its daunting reputation, can often be a more advantageous solution than a consumer proposal for individuals seeking to reestablish their financial footing.

When you’re drowning in debt, the idea of a “consumer proposal” sounds like a gentle breeze, a reasonable compromise. You offer your creditors a portion of what you owe, they agree, and you embark on a multi-year repayment plan. It feels less drastic, less shameful, than declaring bankruptcy. But let’s pull back the curtain on that seemingly gentler option, because from where I’m standing, a consumer proposal often leaves you in financial limbo far longer than the “nuclear option” of bankruptcy.

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Posted 1 Comment on A Financial Crisis Or Is It? Bank News

A Financial Crisis Or Is It?

2025 will go down in history as one of those years filled with volatility and turmoil. There’s a quote from a book I read that seems appropriate today. “People want certainty versus accuracy.”  I hope to give you certainty by sharing my 36 year experience in financial services and having lived through 5 financial crises and living through a 6th crisis today.  

I’m going to take a risk and speak very bluntly.  This may anger or upset some of you. I apologize, I have to say some things. I have to point out the obvious.   

FIRST THE BAD NEWS…

I’m a math guy. Work with numbers every day. The stats don’t lie. Our economy, GDP, cost of living, housing costs, have all gone into the toilet.  You don’t need to look very far to believe this. Many of you have contacted me about job losses, or potential job losses.  Those secure in their jobs call me because they have increased their debt levels and this can be for many reasons.  The point is, many are having a hard time paying their debts.  

Continue reading “A Financial Crisis Or Is It?”