Which of the following regarding a "consumer proposal" as it applies to bankruptcy is not true?

Any wage$-$garnishment arrangements are annulled once a consumer proposal is accepted.

Once application has been submitted for a consumer proposal collection, companies are not allowed to call the debtor.

Successful completion of the consumer proposal results in the debtor obtaining a credit rating of excellent.

In a consumer proposal your assets do not need to be turned over to the administrator.

It is a legal binding agreement that provides protection from creditors.