Canada Bankruptcy - Alternatives to Bankruptcy - Options

Alternatives to Bankruptcy
Credit Repair
Debt Consolidation
Consumer Proposals
Debt Management
Dealing with CCRA

All About Bankruptcy
Danger Signals - What Are They?
Possible Solutions
Filing Bankruptcy or Making a Proposal
Debts Not Discharged
What is bankruptcy?
What is a Proposal?
FAQ about Bankruptcy
FAQ about Proposals
Exempt Assets - Will I Lose Everything?
My Spouse/Partner - How are They Affected?
Student Loans (Canada)
Credit Ratings
Rebuilding Credit
Opening a Bank Account
Secured Creditors
Income Tax Debt
Farmers in Financial Difficulty
Excerpts from the Bankruptcy and Insolvency Act
Who else can help?

Canada Bankruptcy - Possible Solutions

  • Talk to your creditors and explain your difficulties; consider returning goods; try to negotiate smaller payments over a longer period of time.

  • Talk to your bankers. Try to arrange a consolidation loan; the bank may charge a lower interest rate than credit cards or other financers and might accept lower periodic payments.

  • Attend seminars on managing your finances presented by Credit Counselling Services of Alberta Ltd. (CCSA)

  • Check with your employer to see if there is an employee assistance plan available to provide counselling for financial management.

  • Obtain credit counselling services from your local family or community association.

  • Apply to CCSA for a Consolidation Order (Orderly Payment of Debts) allowing you to pay 100% of your debts over an extended period.

  • Contact a bankruptcy trustee to discuss whether you may be able to:

    1. make an informal arrangement or settlement with your creditors, or

    2. make a proposal under the Bankruptcy and Insolvency Act.

    These options are NOT bankruptcy.
    There is no charge for a consultation with most bankruptcy trustees listed on this web site.

This site provides free information about personal bankruptcy in Canada and personal bankruptcy alternatives in Canada, including answers to common personal bankruptcy questions.

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