Bankruptcy Alternatives in Brandon
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Personal Bankruptcy Brandon - Facts, Alternatives & Options | Manitoba

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

Bankruptcy in Brandon, Manitoba - Bankruptcy can be the only thing that comes to mind when you realize that you can't afford to pay your debts and bills. It might be a good solution for your debt problems. But, before filing bankruptcy, you need to know more about your options, how the process works and what it could mean for you and your family in the future. We can help you avoid a possible mistake by showing you your other options first.

Types of Debts - What Bankruptcy Won'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 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 Manitoba, 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.

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.

Our Clients Interviewed on the News

From time to time, the news media interviews some of our clients who are comfortable sharing their story publicly. Below are two of our clients who were interviewed about their experience with the Credit Counselling Society.

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.

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 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 Manitoba

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.

Consolidating payments doesn't involve borrowing more money, so there's never a problem with bad credit. That's how a debt management program and plan with a non-profit credit counselling organization works. Creditors help by lowering or waiving interest charges while you're making your payments. This lets you pay off your debts and saves you thousands in interest and fees. What you pay each month is based on what you can afford after you've had help to create a realistic budget.

Settling Your Debts

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.

Filing a 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 Brandon 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 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, Confidential Bankruptcy & Credit Counselling Information & Advice in Brandon, Manitoba

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 bankruptcy alternatives and debt relief options
  • Show you how to budget effectively for all of your household expenses
  • Recommend bankruptcy trustees in Brandon 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 Brandon, Manitoba

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 Brandon, contact us today at 1-888-527-8999, email us or chat with us online.

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The Credit Counselling Society also provides help to those who are struggling with payday loans - including online loans - in Brandon.