Bankruptcy Alternatives in Stony PlainGet all your options, and get back on track.Personal Bankruptcy Stony Plain - Facts, Options & Alternatives | AlbertaNo one wants to file for bankruptcy. Find other options and get more information before taking such a drastic step.Personal Bankruptcy in Stony Plain, Alberta - 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 DoBankruptcy 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 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. 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.You should also be aware that your trustee, your creditors, the Office of the Superintendent of Bankruptcy or the Court can oppose or delay your bankruptcy discharge. Depending on your situation, 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 CanadaBankruptcy 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 NewsOccasionally, the news media will speak with people we helped who are comfortable with publicly sharing their experiences. Here are a few of their stories.Global TV interviews Julia Fletcher after she eliminates her debt with zero interest & avoids bankruptcy with help from the Credit Counselling Society. See Story NowCTV story shows how Dan Robinson pays off $30,000 in debt with zero interest after getting help from the Credit Counselling Society. CTV - Help to Pay Down DebtCharis speaks with Global TV after consolidating with us and nearly paying off $67,000 on 13 credit cards. Watch the StorySee even more of the Credit Counselling Society 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.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.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.Settling Your DebtsRepayment 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 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 Stony Plain 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?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 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\t Non Profit, Confidential Bankruptcy & Credit Counselling Information & Advice in Stony Plain, AlbertaIf you want to find out why someone shouldn't declare bankruptcy, get answers to your questions about joint debts or debts left over from a divorce, or learn more about alternatives to bankruptcy, one of our Credit & Debt Counsellors can help! They are experts in helping people with their debts and money, and they'd be happy to provide you with the information you need to make an informed decision about your financial future.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 Stony Plain 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 Stony PlainSuite 610 - 10216 124 Street NWEdmonton, AB T5N 4A3Phone: 780-701-0083 Free Credit Counselling Appointments & Consultations for Stony Plain, 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 Stony Plain, 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 provides help to those who are struggling with payday loans - including online loans - in Stony Plain.