Personal Bankruptcy Yorkton - Facts, Alternatives & Options | Saskatchewan
No one wants to declare bankruptcy. Find out what other options you have. Get more information before you make such a serious decision.
Personal Bankruptcy in Yorkton, Saskatchewan - 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.
Types of Debts - What Bankruptcy Won't Do For You
Bankruptcy isn't something most people want to talk about with their friends. Yes, bankruptcy gets rid of most of your debts, but did you know that there are some debts you might still have to repay 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.
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 Saskatchewan, 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.
CTV News and Global TV Interviewing Our Clients
On occasion, the news media will talk to one or two of our clients who are comfortable sharing their story with the public. Below you can see two of these stories.
Saskatchewan Bankruptcy Alternatives
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.
Debt 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.
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.
Repayment and consolidation programs or loans help you pay back what you borrowed - which is a good thing because most people really don't want to file for bankruptcy and walk away from their debts. However, sometimes it's possible that only paying back part of a debt may be the best solution. That's where a debt settlement with a reputable company might help. Offering creditors a settlement requires a lump sum of money, but sometimes that's not as far-fetched an option as you might think.
Filing for a 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 Yorkton is set up by a trustee, and once agreed to by your creditors, you make monthly payments to repay part of what you owe.
What's My Best Option?
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.
"I'm so grateful for the help of The Credit Counselling Society. I honestly didn't know what to do. I got myself in debt way more than I could handle. And it's nice to know that I'm paying off my debt with their help rather than claiming bankruptcy. Thank you so much everybody that spoke with me at the credit counselling."
- Tammy, Actual Client Review from Facebook
Non Profit Bankruptcy Information & Credit Counselling Advice in Yorkton, Saskatchewan
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 Yorkton 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 Credit Counselling Appointments for Yorkton, Saskatchewan
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 Yorkton, contact us today at 1-888-527-8999, email us or chat with us online.