2. b) Making fixed monthly payments without interest on an agreed-upon reduced amount, as in a consumer proposal.
The first bankruptcy will remain on your credit report for six to seven years, whereas a consumer proposal will remain on your credit report for three years after completion.
In a bankruptcy, you may wind up having to pay a portion of additional income to your creditors.
In a consumer proposal, you pay a fixed amount every month regardless of any increases to your income.
Bankruptcy may hurt your chances of future employment if that job requires you to be bonded.