If you are wondering what the difference between bankruptcy and consumer proposal, maybe this will help you. Both will provide legal protection from creditors and help with your debts but there are differences.
For bankruptcy, those who owe a certain amount in debt and cannot pay it off is eligible to file for bankruptcy. For consumer proposal your debt cannot go over a certain amount and you should be able to repay some of the debts. The consumer proposal also must be accepted by the creditors you owe. For taxes the person filing for bankruptcy will lose tax refunds and may also lose credits that are owed to him or her. Consumer proposal people are still entitled to tax refunds and credits that are owed to them.
As far as who can help eliminate debt, debt consolidation loans and debt management plans can companies provide can help you. These people will help eliminate debt. Consolidation loans can help you if you need to pay your bills. The loans may be able to help you with outstanding debts like unsecured loans, credit cards, and medical bills. Management plans are good if you need your monthly payments and interest rates lowered. they are available from a lawyer, credit card issuer, and more.