Are you looking for some better debt help options in Canada other than bankruptcy? If you are stressed out and really struggling with your finances, there are some things that you can do. First, speak with a non-profit Credit Counsellor before you file for bankruptcy in Canada. There are a number of alternatives to bankruptcy and you'll want to carefully weigh the pros and cons of each one.
Bankruptcy Blog Posts
Consumer proposal vs bankruptcy - what’s the difference between the two? A lot of Canadians are wondering – and for good reason. A lot of people are advertising consumer proposals. Sales people are pushing them. Are they as good as they sound? Is there something they’re not telling us? How does a proposal compare to good old fashioned bankruptcy? The answer is, it all depends on your financial situation. When used appropriately, both bankruptcy and a consumer proposal can be effective forms of debt relief.
By Debra Pangestu
By Christi Posner
Bankruptcy one of the first things that comes to mind for many Canadians who are experiencing financial difficulty, even though they are not really sure what the bankruptcy process is. This misunderstanding is compounded by the fact that most people aren’t aware that there are alternatives to bankruptcy. Due to all of the questions people ask us about bankruptcy, we thought we'd list our answers and provide the facts to address some of the questions, myths and misconceptions we hear most often:
Q: I’ve been struggling with debt for a long time even though I earn a decent salary. I consolidated my credit payments 2 years ago and put my credit cards away, but something always comes up and I have to use them. I’m still making payments on the consolidation loan, now I’ve got credit card debt again, and I’m just not sure what to do. A friend of mine suggested I declare bankruptcy before the collection calls start. I need some advice before I make a decision.
Q: I have an employee who has been very stressed at work lately. I spoke with her in private about this and she told me she hasn’t been sleeping much lately as she has a lot of debt and is getting collection calls from her creditors. She thinks that bankruptcy is her only option. I told her I would do some research and get back to her. Is she right, is bankruptcy her only option?