A: Bankruptcy should always be a last resort. The OPD program is a better option for many people. Here are some reasons why:
- The fact that you participated in the OPD program will only stay on your credit file for three years. A bankruptcy stays on your file for six years.
- It is less expensive to go through the OPD program than to go through a bankruptcy.
- The OPD program allows you to pay off your debts completely in 4 years. You will be in bankruptcy until the court discharges you. Whether or not you are discharged is based on a number of factors. Furthermore, you may still be required to pay off some remaining debts even after you have been discharged.
- The OPD program allows you to keep your property. If you go through a bankruptcy, you are only allowed to keep a small amount of your assets and wages.
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