In 2022, total Canadian consumer debt had risen to more than $2.23 trillion. Financial issues impact people from all walks of life, and these issues can get out of control if not dealt with easily.
When issues start to pile up, there are several ways to deal with the situation. Two of the most common methods are personal bankruptcy and consumer proposals. Both can wipe out even massive debts.
The difference between a consumer proposal and personal bankruptcy isn't obvious to everyone, especially if you don't have a financial background. That's why we've written this guide. Read on to get a thorough understanding of the issue.