Unfortunately I didn't know about Consumer Proposals when I could have arrange done rather than declare bakruptcy which I had to do some time ago.
You can arrange to pay about 30% of what you owe over time and still keep your assets, and of course the interest stops as well.
The only thing is that after you have paid the 30% you still will have to re-establish credit and it will take about 2 or 3 years before the information re the proposal is removed from the credit bureau.
Its beter for you though in the long run.
Please take note and remember that once you pay off the 30% of your debt to your creditors that the information will stay with the credit bureau for about 3 years so you will not be able to gat a credit card till then and there is no guarantee BUT if you own a house or if you have had a good record paying off the 30% or paid more you may have a better chance of getting credit again.
If anyone has any questions I advise you to contact the Office of the Superintendent for Bankruptcy for Canada. Go to the government of Canada sites and get the toll free number.
PLEASE be advised this information is for Canadians: there are probably credit proposals in the U.S. but I am not sure.
If you would like to ask me a question please do it as a comment and I will answer it in a post as soon as I can.
Thank You
