Leduc Bankruptcy Alternatives & OptionsExplore all your options, and get your finances back on track.Personal Bankruptcy Leduc - Facts, Alternatives & Options | AlbertaNo one wants to file for bankruptcy. Find other options and get more information before taking such a drastic step.Bankruptcy in Leduc, 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. Types of Debts - What Bankruptcy Won't Do For YouBankruptcy 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 types of debt that you can't declare bankruptcy on:Secured debts, like mortgages or car loansStudent loans that are less than 7 years oldChild and alimony support payments that are in arrearsSome 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 DischargeThose who have gone bankrupt might not tell you that it takes a minimum of 9 months to complete the bankruptcy process. There are costs and fees to go bankrupt, which you pay to your trustee, as well as bankruptcy counselling sessions you must attend. Depending on your circumstances, you may also need to pay extra to your creditors, which delays completing the process and obtaining your discharge. Not everyone loses their home and assets when they file for bankruptcy, but assets above what you're allowed to keep in Alberta will be sold by your trustee.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 Report & Bankruptcy in CanadaLegally eliminating debt through bankruptcy seriously impacts your credit rating and makes it hard to obtain credit later. You need to show creditors why they should trust you enough to lend you money again. Not being able to renew your mortgage, get a loan or apply for a low interest rate credit card often impacts other financial plans and puts your life on hold. Global TV and CTV News Interview People We HelpedOccasionally, the news media will speak with people we helped who are comfortable with publicly sharing their experiences. Here are a few of their stories.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 StoryCTV 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 StoryGlobal TV sits down to talk with Charis who consolidated with us and has now almost paid off $67,000 worth of debt on 13 different credit cards. See the SegmentSee even more of the Credit Counselling Society in the local and national news. Alberta Bankruptcy AlternativesBy 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 ProgramsWhen 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.Debt SettlementRepayment 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 ProposalIf you need a legal alternative to filing for bankruptcy, your situation might mean that you need a Consumer Proposal. A Consumer Proposal in Leduc 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?As you can tell, a lot depends on your situation. When you're just trying to make ends meet and duck the collection phone calls, you need help looking at your circumstances objectively. You need a professionally trained Credit & Debt 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, Confidential Bankruptcy & Credit Counselling Information & Advice in Leduc, AlbertaOne 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:Review all of your options to deal with your debts, including bankruptcy alternativesShow you how to manage your living costs and bills effectivelyRefer you to a bankruptcy trustee in Leduc if filing for bankruptcy is a good option for youAnswer your questions and explain what you need to know so that you can decide the best way to deal with your debts Office Serving LeducSuite 200 - 6005 Gateway BoulevardEdmonton, AB T6H 2H3Phone: 780-701-0083 Free Credit Counselling Appointments for Leduc, AlbertaWe 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 Leduc, contact us today at 780-701-0083, email us or chat with us online.Putting Your Interests FirstOur 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.Related Articles of InterestMore Information About Bankruptcy in CanadaCommon Bankruptcy MythsWill Bankruptcy Solve My Debt Problems?Related LinksThe Office of the Superintendent of Bankruptcy in AlbertaInsolvency GlossaryCredit Counselling Society Alberta office locations The Credit Counselling Society also helps those who are having difficulty with their payday loans - even online loans - in Leduc.