For the financially distressed individual (referred to as the "debtor"), the first option often contemplated is filing for bankruptcy. Although the debtor will find relief from his creditors, this option has some disadvantages:

• Upon filing bankruptcy, the debtor's credit rating goes to an "R9" with the credit bureau and remains so for 6 years after the debtor is discharged from bankruptcy.

• With some exceptions, the debtor's assets become property of the bankruptcy trustee. This becomes a particularly important issue if the debtor owns a home with substantial equity.

• Although attitudes are changing, there is still a stigma attached to the concept of filing for personal bankruptcy.

• Given the above points, it would be prudent to co
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  is filing for bankruptcy. Although the debtor will find relief from his creditors, this option has some disadvantages:
  • Upon filing bankruptcy, the debtor's credit rating goes to an "R9" with the credit bureau and remains so for 6 years after the debtor is discharged from bankruptcy.
  • With some exceptions, the debtor's assets become property of the bankruptcy trustee. This becomes a particularly important issue if the debtor owns a home with substantial equity.
  • Although attitudes are changing, there is still a stigma attached to the concept of filing for personal bankruptcy.
  • Given the above points, it would be prudent to c
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    ting goes to an "R9" with the credit bureau and remains so for 6 years after the debtor is discharged from bankruptcy.
  • With some exceptions, the debtor's assets become property of the bankruptcy trustee. This becomes a particularly important issue if the debtor owns a home with substantial equity.
  • Although attitudes are changing, there is still a stigma attached to the concept of filing for personal bankruptcy.
  • Given the above points, it would be prudent to c
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    ssets become property of the bankruptcy trustee. This becomes a particularly important issue if the debtor owns a home with substantial equity.
  • Although attitudes are changing, there is still a stigma attached to the concept of filing for personal bankruptcy.
  • Given the above points, it would be prudent to c
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    ttitudes are changing, there is still a stigma attached to the concept of filing for personal bankruptcy.
  • Given the above points, it would be prudent to consider an alternative to bankruptcy when a debtor is dealing with creditors. The best alternative is called a "proposal" to creditors.

  What is a proposal?

  Simply put, a proposal to creditors is a formal repayment plan governed by the Bankruptcy and Insolvency Act. Assuming the debtor's total debts do not exceed $75,000 (this threshold excludes mortgage debt on a residential home), the steps in the proposal process are as follows:

  1. The debtor initially seeks the assistance of a trustee in bankruptcy to answer the following questions:

  • Will the debtor be able to fund a proposal? That is, does he have adequate income to pay into a proposal aft