Personal Bankruptcy Coquitlam – Facts, Alternatives & Options | BC
No one wants to file for bankruptcy. Find other options and get more information before taking such a drastic step.
Personal Bankruptcy in Coquitlam, 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.
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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 Won’t Do For You
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 types of debt that aren’t included in a bankruptcy are:
- Secured debts, like a mortgage or car loan
- Student loans that are less than 7 years old
- Child and alimony support payments that you’re behind on
Many people think that they need to declare bankruptcy because of their credit card debt, but if that debt is recent, creditors may not allow you to eliminate those balances with bankruptcy.
The Bankruptcy Process – Working with Your Trustee to Obtain Your Discharge
Those 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 BC will be sold by your trustee.
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.
Your Credit Rating & Bankruptcy in Canada
Bankruptcy 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.
Canadians We Helped Interviewed on the News
Occasionally, the news media will speak with people we helped who are comfortable with publicly sharing their experiences. Here are a few of their stories.
See even more examples of the Credit Counselling Society appearing in the local and national news.
BC Bankruptcy Alternatives
You may now be curious as to which bankruptcy alternatives can work for you. The right solution might not just be one option, but a combination of a few different ones. Depending on your situation, 4 options that you likely need more information about are: consolidation loans, debt repayment programs, debt settlement options or a Consumer Proposal.
Debt Consolidation & Debt Repayment Plans
Consolidation means a lot of things, and while most people think that they need a loan to consolidate their bills and debts, that’s not always possible. If you’ve got a good household budget, a loan might work for you. However, if you’ve been declined for a debt consolidation loan, consolidating only your monthly payments might make more sense.
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.
Debt Settlement
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.
Filing for a Consumer Proposal
There are also times where you need a legal alternative to bankruptcy, so a Consumer Proposal might be right. A Consumer Proposal in Coquitlam is set up by a trustee, and once agreed to by your creditors, you make monthly payments to repay part of what you owe.
What’s My Best Option?
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 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
Non Profit Bankruptcy & Credit Counselling Information & Advice in Coquitlam, BC
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 options to deal with your debts, including alternatives to bankruptcy
- Show you how to effectively manage all of your bills and living expenses
- Refer you to a bankruptcy trustee in Coquitlam if it looks like bankruptcy is your best option
- Answer your questions and give you the guidance you need to know what to do about your debts
Serving Coquitlam with our Port Coquitlam Office
Tri-City Business Centre
Suite 2300 – 2850 Shaughnessy Street
Port Coquitlam, BC V3C 6K5
Phone: 604-527-8999
Our office that serves Coquitlam also offers bankruptcy alternatives in Port Moody, Anmore, Belcarra, Pitt Meadows, Maple Ridge, Fort Langley, Surrey, New Westminster, and Burnaby.
Each 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 Coquitlam, contact us today at 604-527-8999, 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 helps those who are having difficulty with their payday loans – even online loans – in Coquitlam.