The credit rating you’ll receive with a bankruptcy is R9, (bad debt), while a consumer proposal is rated higher as an R7. When you make a consumer proposal, you set up an arrangement to make regular payments to settle your debts.
What If Some of My Debts Have a Guarantor or a Co-Signer?
If you file a consumer proposal or for bankruptcy protection, a guarantor, co-signer or supplementary credit card holder will likely be held responsible for the debt. The proposal or bankruptcy will protect you but not your guarantors, and their credit ratings may be damaged if the debts are not paid.
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