Credit Counselling / Consumer Proposal / Bankruptcy – What are the differences?

Credit Counselling

  1. is an alternative to bankruptcy and a consumer proposal
  2. is a voluntary program where creditors agree to reduced monthly payments and usually stop interest charges
  3. remains on your credit bureau 2 years after successful completion.


Consumer Proposal

  1. is a legal process handled by a Licensed Bankruptcy Trustee
  2. you make a reduced monthly payment on a portion of your debt
  3. the same rules and regulations as Bankruptcy
  4. remain on your credit bureau for 3 years after successful completion.



  1. Is a legal process handled by a Licensed Bankruptcy Trustee
  2. your debts are discharged
  3. you must abide by the Bankruptcy rules and regulations
  4. remains on your credit bureau for 7 years.


If you are considering a Consumer Proposal or Bankruptcy, see Questions to Ask a Bankruptcy Trustee .



Most financial institutions have loan, mortgage and credit card calculators to help you learn how long or how much interest will be charged. For another source, look at Investors Education Fund calculators at Get Smarter About Money – Tools and Get Smarter About Money – Calculators.


Credit Counselling Across Ontario and Canada

Canadian Association of Credit Counselling Services

Credit Counselling Canada


Consumer Information

Canadian Bankers Association

Financial Consumer Agency of Canada

Ontario Problem Gambling Helpline

Superintendent of Bankruptcy Canada

Ministry of Government and Consumer Services

Ministry of Government and Consumer Services – Complaint Form


Student Loans

Canada Student Loans

National Student Loan Service Centre

Ontario Student Assistance Program


Legal Information

Legal Aid



Credit Bureau Forms

Trans Union



Smart Consumer Websites

Get Smart About Money (Investor Education Fund)

Gail Vaz Oxlade


Other Language Resources




Bankruptcy Trustees

Deloitte & Touche Inc.

     4210 King St. East
Kitchener, Ontario  N2P 2G5


Hoyes, Michalos & Associates

     204-607 King St. West
Kitchener, Ontario  N2G 1C7
     519-747-0660  |  1-866-747-0660

     8 George St. North
Cambridge, Ontario
     519-662-3773  |  1-800-472-7775


MNP Ltd.

     300-10 Duke St. West
Kitchener, Ontario



     305 King St. West, Suite 501
Kitchener, Ontario
N2G 1B9

     7 Grand Ave. South, Suite 115
Cambridge, Ontario
N1S 2L3


Welker & Assoc. Inc.

     1134 King St. East
Kitchener, Ontario
N2G 2N7

External Links

External Links

Consumer Information  >
Canadian Bankers Association  >
Debt Proof Living  >
iVillage  >

student loans


Legal Help

Legal Aid  >

Group Programs

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