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Consumer proposal vs bankruptcy

What is the difference between a consumer proposal and bankruptcy in Alberta?

  Consumer Proposal


Monthly reporting

Do not have to report your income. Your payments are set on your circumstances the day of filing.

You are required to report your income and expenses monthly. If your income increases you may be required to submit any surplus income.


You will not lose any of your assets unless you elect to as part of the proposal – it is your choice.

You may be required to sell some of your assets that exceed the exemption threshold for your province.


You want to can pay back some of your debt and would like to make a new arrangement.

You are unable to repay your debt.


You are still entitled to all tax refund(s) and/or credits which you are owed

You will lose all tax refund(s) and/or credits which you are owed.


Debts under $250,000 (excluding a mortgage) and the ability to repay a portion of your debts. However, you are not guaranteed to be granted a proposal just by filing one. It must be accepted by your creditors.

Any person, who owes more than $1,000 in debt, is eligible to file a personal bankruptcy in Canada. Ideal candidates are those who need rapid financial relief.

Creditor Protection

Yes, collection action will be stopped

Yes, collection action will be stopped


One payment or up to a maximum of 60 month but it can be paid off early

Between 9 months and 36 months

Credit Rating

It is still affected but generally less harshly than if you file bankruptcy

The most severe rating. Depending on your circumstances, it will remain on your credit report for 7 to 14 years.


Since it is not a bankruptcy, it may not appear during a prospective employer’s search and is not viewed the same as a bankruptcy

A bankruptcy may appear during an employer search. This may affect potential employment with government jobs and the ability to be bonded.

We can help

Our Licensed Insolvency Trustees (formerly called Trustee in Bankruptcy or Bankruptcy Trustee) and Estate Managers believe everyone deserves a financial fresh start, while being treated with dignity and respect.

To speak to someone now call us at 310-8888 for a free, no obligation, confidential consultation.

» Consumer proposal and bankruptcy laws in Alberta


833 - 4 Ave SW, Suite 900
Calgary Alberta T2P 3T5
T 310-8888
3 other Calgary locations
13 Alberta locations

1701 Scotia Place Tower 2
10060 Jasper Avenue
Edmonton, Alberta T5J 3R8
T 310-8888
3 other Edmonton locations
13 Alberta locations


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