Bankruptcy Alternatives in Sherwood ParkGet all your options, and get back on track.Personal Bankruptcy Sherwood Park - Facts, Options & Alternatives | AlbertaNo one feels good about filing for bankruptcy. Get more information and find out what other options and solutions could work better, before making this important decision.Bankruptcy in Sherwood Park, 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 YouThere'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 common kinds of debt that are excluded from bankruptcy are:Secured debts, like a car loan or mortgageStudent loans, if they are less than 7 years oldChild and alimony support payments that aren't up to dateAlso, 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 DischargeIt'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.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. CTV News and Global TV Interviewing People We HelpedOccasionally, 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.Global News interviews Julia Fletcher after she avoided bankruptcy and eliminated her debt with help from the Credit Counselling Society. Watch News ClipCTV 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 StoryCharis speaks with Global TV after consolidating with us and nearly paying off $67,000 on 13 credit cards. Watch the StorySee even more examples of the Credit Counselling Society appearing in the local and national news. Alternatives to Bankruptcy in AlbertaBy 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 PlansWhen 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 SettlementConsolidation 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 for a Consumer ProposalSometimes 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 Sherwood Park 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.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.There's a Way Out of Debt Without Bankruptcy"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\t Non Profit Bankruptcy Information & Credit Counselling Advice in Sherwood Park, 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:Explain all of your bankruptcy alternatives and debt relief optionsShow you how to budget effectively for all of your household expensesRecommend bankruptcy trustees in Sherwood Park if it looks like declaring bankruptcy is the right optionProvide answers and information so that you can choose the best way of dealing with your debts Office Serving Sherwood ParkSuite 610 - 10216 124 Street NWEdmonton, AB T5N 4A3Suite 200 - 6005 Gateway BoulevardEdmonton, AB T6H 2H3Phone: 780-701-0083 Free Credit Counselling Appointments & Consultations for Sherwood Park, AlbertaEach year we help thousands of people just like you successfully deal with their debts. Looking forward to a debt-free financial future really is possible. To learn more or to schedule a free, confidential, no-obligation appointment with one of our professionally trained Credit Counsellors who serves Sherwood Park, 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 Info About Bankruptcy in CanadaCommon Canadian Bankruptcy Myths & MisconceptionsWill Bankruptcy Resolve My Debt Issues?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 Sherwood Park.