Personal Bankruptcy Edmonton – Facts, Options & Alternatives | Alberta
No one wants to file for bankruptcy. Find other options and get more information before taking such a drastic step.
Bankruptcy in Edmonton, Alberta – 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.
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
A Visual Overview of Possible Options
Here are some options that may be available to you based on the information you have provided about your financial situation. The most likely options are in green, less likely in yellow, and least likely in red. This is only intended to provide you with a general idea of the options that may be available to you. A credit counsellor will need to go over your information in much more detail to make a more precise determination.0
Option
Do a Deeper Dive to Uncover More Options
It looks as though your situation requires more in-depth analysis from a trained credit counsellor. They can help you optimize your budget, explore options, and create a plan to get back on track.
0
Option
Self-Managed Solution
After thoroughly exploring your options with a credit counsellor, they can help you put together a plan to get out of debt in a reasonable amount of time. You can then implement this plan on your own.
0
Option
Debt Consolidation Loan
Based on the information you've provided, it appears as though this could be a possibility if your credit score is strong enough.
0
Option
Debt Management Program
It appears as though this may be an option for you. A Debt Management Program eliminates or drastically reduces interest and consolidates all payments into one.
0
Option
Consumer Proposal
This may be an option for you to consider. It's a legal process that consolidates all payments into one. Talk to a credit counsellor about this and see if it makes sense for your situation.
0
Option
Bankruptcy
Based on the information you've entered, it appears as though bankruptcy may be an option to resolve your financial challenges. You should speak with a credit counsellor about this and make sure you've exhausted all other options first.
0
Option
Orderly Payment of Debts
Based on what you've entered, it looks as though an Orderly Payment of Debts (OPD) program may be an option for you. To find out if this would make sense for your situation, you should speak with a credit counsellor.
0
Option
Voluntary Deposit
Based on the information you've provided, it looks as though a voluntary deposit program may be an option to address your debt situation.
0
Bonus Option
Online Workshops
Learn how to improve your financial situation, create a budget, make your dollars stretch further, and get out of debt with one of our many helpful online workshops we call webinars.
More Specifics on How We Can Help You
Get Help Today
Give us a call to speak with one of our credit counsellors at 1-888-527-8999, or if you'd like us to contact you instead, please fill out the form below.Types of Debts – What Bankruptcy Can’t Do
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 kinds of debt that are excluded from bankruptcy are:
- Secured debts, like a car loan or mortgage
- Student loans, if they are less than 7 years old
- Child and alimony support payments that aren’t up to date
Also, if you recently racked up credit card bills and now want to go bankrupt, creditors may stop you or ask that you pay more, before they let you get rid of the debt through 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 Alberta, 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.
People We Helped Interviewed on Global TV and CTV News
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.
Alberta 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.
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.
Settle Debt
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.
Consumer Proposal
Sometimes a legal alternative to bankruptcy might be what you need. A Consumer Proposal could be the right solution depending on your situation. A Consumer Proposal in Edmonton is arranged by a trustee, and by making monthly payments, you pay back part of what you owe. Your creditors have the option to agree to the proposal or not.
How Do I Decide Which Option to Go For?
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.
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 Bankruptcy Information & Credit Counselling Advice in Edmonton, Alberta
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 Edmonton 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
Our Edmonton office also provides bankruptcy alternative options in St. Albert, Sherwood Park, Beaumont, Devon, Leduc, Calmar, Spruce Grove, Morinville, and Fort 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 Edmonton, contact us today at 780-701-0083, 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.
The Credit Counselling Society also offers assistance to people who need help with their payday loans in Edmonton (even online ones).