Most likely, your creditors will choose a
settlement over bankruptcy because no one wins with a bankruptcy except the bankruptcy attorney.
One likely benefit of debt
settlement over bankruptcy is that debt settlement falls off your credit report generally three years sooner.
Kenneth G. Langone, the co-founder of Home Depot and former director of the New York Stock Exchange, helped fund Maurice R. Greenberg's lawsuit against the United States government
over the bankruptcy of the American International Group, which was viewed as being as much as about money as about principle.
1.1 What to be careful of when researching debt relief options and trying to choose between bankruptcy or debt settlement.1.1.1 Here is a new GFS client testimonial from a client that at first was trying to
decide over bankruptcy or debt -LSB-...]
The
furor over the bankruptcy of Detroit has brought to light the most common fear of those approaching retirement: Is my pension safe?
This would still leave you with # 15,000 equity and most importantly, you'd still own your home, which is a big advantage of
IVAs over bankruptcy.
A consumer proposal is a win for both debtors and creditors because both parties end up with a
benefit over bankruptcy.
However, in this case, the question is not the administrative body's jurisdiction under its governing statute; rather, the question is a classic federalism question pitting a regulator's authority on environmental matters under provincial jurisdiction against the federal government's
jurisdiction over bankruptcy.
The saga is ongoing, with the legal
wrangling over its bankruptcy and potential revival plans often hitting the headlines, so check this page for the latest news updates on the case.
Consumer proposals are a growing alternative in Canada with more than 4 in 10 Canadians choosing a consumer
proposal over bankruptcy.
But if paying a little more in a proposal makes you feel better, and you can afford it — it is a valid reason to choose a proposal
over a bankruptcy.
Here is the story of how one couple solved a lot of issues by choosing a consumer proposal
over bankruptcy.
I met with Maureen (not her real name) in my Brantford Office, and after looking at her debt issues, she was happy to discover the advantages filing a consumer proposal
over a bankruptcy.
Why choose a consumer proposal
over bankruptcy?
High income that results in additional surplus income payments in a bankruptcy, and home equity, are the two primary reasons why heavily indebted consumers are increasingly choosing a proposal
over bankruptcy.
Eight in ten insolvent homeowners file a consumer proposal
over bankruptcy.