When you file a consumer proposal you will have a bankruptcy (“R9”) on your credit report. It will remain on your credit file report until you’ve completed your consumer proposal. Once the proposal has been completed, the R9 will be expunged and will be moved up to an R7, which means that you completed a settlement with your creditors. The R7 will stay on your credit file report for an additional three years.
Therefore, if you were to file a consumer proposal, it would be to your advantage work with your Licensed Insolvency Trustee to pay it off as quickly as possible: the faster you complete your proposal, the more quickly the R9 will be removed from your credit file report.What are the advantages of consumer proposals compared to filing a bankruptcy? »