Pitt Meadows Bankruptcy Info & Alternatives
Explore all your options, and get your finances back on track.

Personal Bankruptcy Pitt Meadows – Facts, Alternatives & Options | BC

No one feels good about filing for bankruptcy. Get more information and find out what other options and solutions could work better, before making this important decision.

Personal Bankruptcy in Pitt Meadows, BC – Bankruptcy might be the first thing you think of when you realize that you can’t keep up with your bills and debts. It might even be the right debt solution for you. But, before declaring bankruptcy, you need to know your options, how the process works and how it will affect you and your family in the years to come. Let us help you avoid a mistake by explaining all of your options first.

Find Out What Options May Be Available to You
by Answering 9 Simple Questions

Just answer these easy, multiple-choice questions to get a look at your potential options. Within a few minutes, you'll be looking at summarized options and results that apply specifically to your situation.

Discover Your Options

Self Assessment of Debt Relief Options
1. How would you describe your financial situation? Please move the slider along the scale to reflect approximately where you feel you're at.
I can cover all my expenses each month, plus have the ability to save.
 
I can cover my monthly expenses, but I need to borrow, work extra, etc.
 
I can no longer cover all my expenses every month.
 
2. Which of the following best describes you?
3. How stressed do you feel about your debt?
Not stressed
 
Somewhat stressed
 
Very stressed
 

Types of Debts – What Bankruptcy Won’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 types of debt that you can’t declare bankruptcy on:

  • Secured debts, like mortgages or car loans
  • Student loans that are less than 7 years old
  • Child and alimony support payments that are in arrears

Some people also want to declare bankruptcy because of their credit card debt. However, if they only recently got into debt with their credit cards, creditors may oppose eliminating the debts with bankruptcy.

The Bankruptcy Process – Working with Your Trustee to Gain Your Discharge

Filing for bankruptcy is the easy part. Did you know that it takes at least 9 months to complete the whole bankruptcy process? During that time, there are costs and fees to pay to your trustee for bankruptcy. You are also required to attend two bankruptcy counselling sessions. Depending on your situation, if you have to pay extra money to your creditors, completing the process will take longer. If you have too much equity in your home, or assets above what you’re allowed to keep in BC, your trustee will sell your assets for you.

You should also know that your bankruptcy trustee, your creditors, the Office of the Superintendent of Bankruptcy or the Court can oppose or delay your discharge. Depending on your circumstances, you may need to attend a hearing, answer questions under oath and/or meet the additional requirements to obtain your discharge.

Your Credit Rating & Bankruptcy in Canada

Bankruptcy is one of the worst things you can do to your credit rating. There is no easy way to obtain credit after you have legally eliminated your debts through bankruptcy. It takes time and patience before creditors trust you enough to lend you money again. Not being able to take out a loan, renew your mortgage or apply for a low interest rate credit card can impact your financial plans and put your life on hold.

People We’ve Helped Interviewed on CTV News and Global TV

Occasionally, the news media will interview one or two Canadians we helped who are comfortable with publicly sharing their stories. Here are several of these experiences with the Credit Counselling Society.

Global TV interviews Julia Fletcher after she eliminates her debt with zero interest & avoids bankruptcy with help from the Credit Counselling Society. See Story Now
CTV News reveals how Dan Robinson paid off $30,000 in debt with no interest with the help of the Credit Counselling Society. Watch the News Story
Global TV speaks with Charis who has nearly paid off $67,000 in debt on 13 credit cards with help from the Credit Counselling Society. Watch

Alternatives to Bankruptcy in BC

By now you are likely wondering what alternatives to bankruptcy really exist. There are quite a few, and combining them might also be a solution. Depending on your situation, 4 options that might work for you are: consolidation loans, debt repayment programs, debt settlement options or a Consumer Proposal.

Consolidation & Debt Repayment Programs

Consolidation usually means consolidating your bills and everything you owe into a new loan. With a fine-tuned budget, this might work for you. For other people, consolidating only the monthly payments makes more sense. Don’t worry if you’ve been turned down by your bank or credit union. There are other types of debt consolidation that may be available.

When you consolidate payments, you don’t actually borrow more money, so bad credit is never a problem. That’s how a debt management program with a non-profit credit counselling organization works. Your creditors will help you by lowering or waiving ongoing interest charges. This saves you thousands of dollars in interest and lets you repay your debts. The amount you pay each month is based on your budget and on what you can afford.

Debt Settlement

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

If you need a legal alternative to filing for bankruptcy, your situation might mean that you need a Consumer Proposal. A Consumer Proposal in Pitt Meadows is set up by a trustee, and once agreed to by your creditors, you make monthly payments to repay part of what you owe.

How Do I Decide Which Option to Go For?

By now you can likely gather that a lot depends on your situation. And regardless of what you’ve tried in the past, you need help taking an objective look at your whole financial situation with a fresh set of eyes. You need a trained and certified Credit Counsellor to help you come up with a good plan.

There’s Life Beyond Debt for Everyone

“I am likely going to be out of debt within a year – and that’s over a year ahead of the initial estimate! Best part of that is that because the Credit Counselling Society did it as a debt repayment arrangement, unlike bankruptcy, it will be much better on my credit rating – and as proof, when I applied for new cell and cable service in Vancouver, my rating has already improved such that I got new accounts without a limit or deposit!”

 

– Paul, Actual Client from Yelp

Non Profit, Confidential Bankruptcy & Credit Counselling Information & Advice in Pitt Meadows, BC

Get answers to your questions about joint debts or debts remaining after a divorce, find out why someone should not file for bankruptcy, or learn more about bankruptcy alternatives from one of our Debt & Credit Counsellors! They are experts in helping people find solutions to their debt and money problems, and they’d be happy to give you with the information you need to make choices that will benefit your financial future.

Your Counsellor will:

  • Explain all of your options to deal with your debts, including alternatives to bankruptcy
  • Show you how to effectively manage all of your bills and living expenses
  • Refer you to a bankruptcy trustee in Pitt Meadows if it looks like bankruptcy is your best option
  • Answer your questions and give you the guidance you need to know what to do about your debts

 

Port Coquitlam Office
Tri-City Business Centre
Suite 2300 – 2850 Shaughnessy Street
Port Coquitlam, BC V3C 6K5

Phone: 604-527-8999

Our office that serves Pitt Meadows also offers bankruptcy alternatives in Port Coquitlam, Coquitlam, Maple Ridge, Surrey, Fort Langley, Mission, Port Moody, and Burnaby.

Free Credit Counselling Appointments for Pitt Meadows, BC

We specialize in helping people just like you deal with their debts in ways that work best for them. It really is possible to be debt free and look forward to a stable financial future. To learn more or to schedule a free, confidential consultation with one of our Debt Counsellors that serves Pitt Meadows, contact us today at 604-527-8999, email us or chat with us online.

Putting Your Interests First

Our goal is to always put consumers first and look out for their best interests in everything we do. One way we do this is through transparency and accountability. We are held accountable to the most rigorous standards in our industry.

Certified by Great Places to Work Canada
Accredited by Canada’s national association of non-profit credit counselling organizations.
North America’s largest association of non-profit credit counselling organizations.
Accredited by the Better Business Bureau.

The Credit Counselling Society also provides help to those who are struggling with payday loans – including online loans – in Pitt Meadows.