Obtaining credit may be easier for people who file a bankruptcy rather than a consumer proposal.

Question

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It is typically easier for someone who files a consumer proposal to obtain credit because they have made a binding agreement with their creditors to repay a portion of their debt, rather than completely discharging it like in a bankruptcy. This shows future lenders that the individual is taking responsibility for their debt and is committed to repaying it. Additionally, a consumer proposal stays on someone's credit report for three years after the proposal is completed, whereas a bankruptcy stays on for six to seven years.

Obtaining Credit May Be Easier for People Who File a Bankruptcy