Port Alberni Bankruptcy Info & Alternatives
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Personal Bankruptcy Port Alberni - 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 Port Alberni, 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

There's a lot that people don't tell you about bankruptcy. Sure, it will get rid of most of your debts, but there are some debts you might still have to pay because they can't be included in your 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.

The Bankruptcy Process - Working with Your Trustee to Obtain 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.

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.

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.

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 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

BC Bankruptcy Alternatives

You may now be curious as to which bankruptcy alternatives can work for you. The right solution might not just be one option, but a combination of a few different ones. Depending on your situation, 4 options that you likely need more information about are: consolidation loans, debt repayment programs, debt settlement options or a Consumer Proposal.

Consolidation & Debt Repayment Programs

Consolidation means a lot of things, and while most people think that they need a loan to consolidate their bills and debts, that's not always possible. If you've got a good household budget, a loan might work for you. However, if you've been declined for a debt consolidation loan, consolidating only your monthly payments might make more sense.

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

Consolidation programs and loans help you repay what you borrowed. Most people really do want to pay back what they owe and not walk away from their debts by declaring bankruptcy. However, only paying back part of what you owe might be the best solution. That's where a debt settlement, when structured properly, can help. You need a lump sum of money to offer your creditors a settlement, but sometimes that's not 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 Port Alberni 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 Bankruptcy & Credit Counselling Information & Advice in Port Alberni, 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 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 Port Alberni 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

Free, Confidential Credit Counselling Appointments for Port Alberni, BC

Each year we help thousands of people just like you successfully deal with their debts. Looking forward to a debt-free financial future really is possible. To learn more or to schedule a free, confidential, no-obligation appointment with one of our professionally trained Credit Counsellors who serves Port Alberni, 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 Port Alberni (even online ones).