Comox Bankruptcy Alternatives & OptionsExplore all your options, and get your finances back on track.Personal Bankruptcy Comox - Facts, Alternatives & Options | BCNo 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.Personal Bankruptcy in Comox, BC - When you can't afford to pay your bills and debts what comes to mind first? Many people think of filing for bankruptcy. While bankruptcy might be the right solution for you, you first need to find out about your other options, the ins and outs of the process, and how it will affect you and your family in the future. We want to help you avoid making a huge mistake by giving you information to make an informed decision. Types of Debts - What Bankruptcy Can't DoThere'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 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. 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 BC, 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 CanadaBankruptcy is one of the worst things you can do to your credit rating. There is no easy way to obtain credit after you have legally eliminated your debts through bankruptcy. It takes time and patience before creditors trust you enough to lend you money again. Not being able to take out a loan, renew your mortgage or apply for a low interest rate credit card can impact your financial plans and put your life on hold. People We've Helped Interviewed on CTV News and Global TVOccasionally, 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 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 is interviewed by Global TV after nearly paying off $67,000 on 13 credit cards. The Credit Counselling Society helped her. WatchYou can see more of the Credit Counselling Society in the news. BC Bankruptcy AlternativesBy now you are likely wondering what alternatives to bankruptcy really exist. There are quite a few, and combining them might also be a solution. Depending on your situation, 4 options that might work for you are: consolidation loans, debt repayment programs, debt settlement options or a Consumer Proposal.Consolidation & Debt Repayment ProgramsConsolidation usually means consolidating your bills and everything you owe into a new loan. With a fine-tuned budget, this might work for you. For other people, consolidating only the monthly payments makes more sense. Don't worry if you've been turned down by your bank or credit union. There are other types of debt consolidation that may be available.If you happen to have bad credit, you might be worried about consolidating your debts, but consolidating payments doesn't mean borrowing more money, so credit problems aren't an issue. That's how a debt management program with a non-profit credit counselling agency works. Your creditors help you by lowering or waiving interest charges. This makes smaller payments possible, saves you thousands in interest and lets you pay back what you borrowed. Your monthly payments are based on what you can afford and there's no loan to get you deeper into debt.Settling Your DebtsConsolidation 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.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 Comox is set up by a trustee, and once agreed to by your creditors, you make monthly payments to repay part of what you owe.Which Option is Best?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 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\t Non Profit Bankruptcy Information & Credit Counselling Advice in Comox, BCGet 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 options to deal with your debts, including alternatives to bankruptcyShow you how to effectively manage all of your bills and living expensesRefer you to a bankruptcy trustee in Comox if it looks like bankruptcy is your best optionAnswer your questions and give you the guidance you need to know what to do about your debts Free Credit Counselling Appointments for Comox, BCWe specialize in helping people just like you deal with their debts in ways that work best for them. It really is possible to be debt free and look forward to a stable financial future. To learn more or to schedule a free, confidential consultation with one of our Debt Counsellors that serves Comox, contact us today at 1-888-527-8999, 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 Canadian BankruptcyCanadian Bankruptcy Myths & FactsWill Bankruptcy Fix My Debt Problems?Related LinksThe Office of the Superintendent of Bankruptcy in BCInsolvency GlossaryCredit Counselling Society BC office locations The Credit Counselling Society also offers assistance to people who need help with their payday loans in Comox (even online ones).