That is great to hear and I think you were very smart in taking it very seriously. Ball park, if you don't mind me asking, what was your credit score range and what range did it improve to?

FrankN wrote: Interesting LEXIE. How long did it take you for your credit rating to improve?

I will be honest and tell you that we didn't even check until after 3 years. It was acceptable then but not great. We have never been in that kind of trouble again and our credit rating is exemplary now. We paid cash for everything we did for about 7 years. I can tell you we were very embarrassed and ashamed that we had to go this route. I understand it just doesn't affect some people but we took this very seriously.

Considering everything involved with a proposal, I would go through bankruptcy just for the sake of convenience. The only other difference I'm seeing is not having a bad credit score versus having one for 7 years.

Lexie, without knowing more about Ronald Patton's situation it is hard to say which is better. I had a look at the link, and since it suggest you have a licensed Insolvency Practitioner to handle either option, it might be best to hire one or an attorney who handles insolvency and see which they think is the best option.

It has been a while so, Ronald, do you have any updates? How's it going?

Interesting LEXIE. How long did it take you for your credit rating to improve?

I'm not familiar with consumer proposal. How does it differ from bankruptcy? I am also a victim of BK13. It does follow you for 7 years and you have to be very careful on all fronts. My credit rating has finally regained momentum and all is well. Do consult a lawyer and do thorough research before you decide. Seeing this is an older post, what did you do? Please share.

Well said Wanderer and could not agree more. An attorney specializing in bankruptcy would be the right resource to contact.

When it comes to the need to consider options such as you mentioned, I for one would seek the appropriate legal advice. Example, an attorney who specializes in Bankruptcy. You are going to impact you future very seriously and should think about having a good knowledge of what will work best for you. In my world I don't take a project on like this without the experts. You will have some costs but, in my case it minimized the damage.

Note, BK7 follows you for ten years and BK13 follows you for 7 years (supposedly). Business BK's are another area all to themselves. A do it yourself approach other than information gathering could end up costing you so keep this in mind. My life saw a big BK7 in 2001 and it followed me in everything I did even property and casualty insurance ratings, employment, banking etc.

Serious food for though!

Hi,
I would like to receive some expert advice regarding my dept. I'm owing amount less than $250,000. Which one to opt for? Is it bankruptcy or proposals?
What do you think? Should I go for consumer proposal? The confusion was raised in my mind when I read an article ( http://www.billfixer.com/bankruptcy/proposals-vs-bankruptcy-which-is-better-for-you/ ). Can someone help me get rid of m y confusions? Is there any pros and cons for bankruptcy? Your expert advice is always appreciated.
Thanks in advance