Fort St. John Bankruptcy Alternatives & Options
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Personal Bankruptcy Fort St. John - Facts, Alternatives & Options | BC

No one wants to file for bankruptcy. Find other options and get more information before taking such a drastic step.

Personal Bankruptcy in Fort St. John, BC - When you can't afford to pay your bills and debts what comes to mind first? Many people think of filing for bankruptcy. While bankruptcy might be the right solution for you, you first need to find out about your other options, the ins and outs of the process, and how it will affect you and your family in the future. We want to help you avoid making a huge mistake by giving you information to make an informed decision.

Types of Debts - What Bankruptcy Can't Do

It's easy for people to tell you that bankruptcy helped them eliminate their debts, but do they also tell you that it's not possible for everyone? Some debts might still have to be paid because by law, they can't be included when you file for bankruptcy.

3 common types of debt that aren't included in a bankruptcy are:

  • Secured debts, like a mortgage or car loan
  • Student loans that are less than 7 years old
  • Child and alimony support payments that you're behind on

Many people think that they need to declare bankruptcy because of their credit card debt, but if that debt is recent, creditors may not allow you to eliminate those balances with bankruptcy.

Bankruptcy Procedures - The Process of Working with Your Trustee to Attain Your Discharge

It's not well known, but it takes at least 9 months to go through all the steps of the bankruptcy process. As part of the process, you make payments to your trustee for the costs and fees of going bankrupt, and you also have to attend two bankruptcy counselling sessions. Completing the process and getting discharged takes longer if you need to pay extra to your creditors because of your situation. If you have assets or too much equity in your home, above what you're allowed to keep in BC, your trustee will sell your assets for you.

Many people aren't aware that their trustee, their creditors, the Office of the Superintendent of Bankruptcy or the Court could oppose or delay their discharge from bankruptcy. Depending on someone's situation, they may need to attend a hearing, answer questions under oath and/or meet additional requirements to obtain their discharge.

Credit Ratings & Bankruptcy in Canada

Bankruptcy is noted on your credit report and seriously impacts your credit rating. Despite what people say, getting credit after you have eliminated your debts legally through bankruptcy is not easy. It takes patience and time to prove yourself to creditors again. Until they trust you enough to lend you money again, your financial plans might be on hold because you won't be able to take out a loan, renew your mortgage or apply for a low interest rate credit card.

Global TV and CTV News Interview Our Clients

Occasionally, the news media will speak with one or two of our clients who are comfortable to publicly share what they've experienced. Below you can see a couple of these stories.

Global TV News Story - A woman avoids filing for and declaring bankruptcy with help from the Credit Counselling Society. CCS provides the same bankruptcy alternative services across Canada.

Julia Fletcher is interviewed by Global TV after avoiding bankruptcy by paying off her debt with no interest with help from the Credit Counselling Society. Watch News Story

CTV Help to Pay Down Debt - Delcaring bankruptcy may be the only option available for some. However, Dan paid off his credit cards with the same debt solutions that are available across Canada.

CTV story shows how Dan Robinson pays off $30,000 in debt with zero interest after getting help from the Credit Counselling Society. CTV - Help to Pay Down Debt

Alternatives to Bankruptcy in BC

By now you may be wondering which alternatives to bankruptcy could work for you. There are a number of options and the best solution might mean combining some of them. Depending on your circumstances, 4 options that you may not have considered are: consolidation loans, debt repayment programs, debt settlement options or a Consumer Proposal.

Consolidation & Debt Repayment Plans

When you hear the words "debt consolidation," you probably think that this means consolidating your bills and other debts into a new loan. This could work for you if you've got a realistic budget. For many people, it makes more sense to consolidate only their monthly payments. Don't worry if you've been turned down for a consolidation loan by your lender. There are other types of debt consolidation to consider.

If you happen to have bad credit, you might be worried about consolidating your debts, but consolidating payments doesn't mean borrowing more money, so credit problems aren't an issue. That's how a debt management program with a non-profit credit counselling agency works. Your creditors help you by lowering or waiving interest charges. This makes smaller payments possible, saves you thousands in interest and lets you pay back what you borrowed. Your monthly payments are based on what you can afford and there's no loan to get you deeper into debt.

Settle Debt

To help you pay back what you borrowed, consolidation programs and loans can help. Most people don't want to walk away from their debts and go bankrupt, but they think they have to because they don't know what else to do. Surprisingly, sometimes only paying back part of what you owe can also be a solution. When done properly, a debt settlement offers your creditors a lump sum of money. That might not be as far-fetched an option as you might think.

Consumer Proposal

There are also times where you need a legal alternative to bankruptcy, so a Consumer Proposal might be right. A Consumer Proposal in Fort St. John is set up by a trustee, and once agreed to by your creditors, you make monthly payments to repay part of what you owe.

Which Option is Best?

The right solution to your debts depends on your circumstances. When you're busy just trying to get from one pay cheque to the next and avoiding collection calls, you need help to look at your situation with a fresh set of ideas. You need a qualified Debt & Credit Counsellor to help you come up with a good plan.

There's Hope Without Declaring Bankruptcy

"Whatever your financial worries, trepidation or fear of being judged/forced into bankruptcy - get CCS to help. Their staff is incredible, couldn't have dealt with a better group of people. They are truly dedicated to finding practical solutions, advocating for your financial future. First they provide hope, then they help and finish by delivering happiness."

 

- Daryl, Actual Client Review from Google

Non Profit Bankruptcy Information & Credit Counselling Advice in Fort St. John, BC

One of our expert Credit Counsellors can help if you need answers to questions about joint debts, have questions about debts left over from a divorce, want to learn more about alternatives to bankruptcy, or want to know more about how going bankrupt would affect you. They are experts in helping people come up with good solutions to deal with their debts, and would be happy to provide you with the information you need to make an informed decision to get your finances back on track.

Your Counsellor will:

  • Explain all of your bankruptcy alternatives and debt relief options
  • Show you how to budget effectively for all of your household expenses
  • Recommend bankruptcy trustees in Fort St. John if it looks like declaring bankruptcy is the right option
  • Provide answers and information so that you can choose the best way of dealing with your debts

Free Credit Counselling Appointments for Fort St. John, BC

We are experts in helping individuals and families just like you find good solutions to their debt problems. It really is possible to get back on track and look forward to being debt free. To find out more or to schedule a free, confidential appointment with one of our Credit Counsellors who serves Fort St. John, contact us today at 1-888-527-8999, email us or chat with us online.

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The Credit Counselling Society also offers assistance to people who need help with their payday loans in Fort St. John (even online ones).