Courtenay Bankruptcy Info & Alternatives
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Personal Bankruptcy Courtenay – Facts, Alternatives & Options | BC

No one wants to file for bankruptcy. Find other options and get more information before taking such a drastic step.

Bankruptcy in Courtenay, BC – 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.

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

Self Assessment of Debt Relief Options
1. How would you describe your financial situation? Please move the slider along the scale to reflect approximately where you feel you're at.
I can cover all my expenses each month, plus have the ability to save.
 
I can cover my monthly expenses, but I need to borrow, work extra, etc.
 
I can no longer cover all my expenses every month.
 
2. Which of the following best describes you?
3. How stressed do you feel about your debt?
Not stressed
 
Somewhat stressed
 
Very stressed
 

Types of Debts – What Bankruptcy Can’t Do

It’s easy for people to tell you that bankruptcy helped them eliminate their debts, but do they also tell you that it’s not possible for everyone? Some debts might still have to be paid because by law, they can’t be included when you file for bankruptcy.

3 common kinds of debt that are excluded from bankruptcy are:

  • Secured debts, like a car loan or mortgage
  • Student loans, if they are less than 7 years old
  • Child and alimony support payments that aren’t up to date

Also, 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 Obtain Your Discharge

Filing for bankruptcy is the easy part. Did you know that it takes at least 9 months to complete the whole bankruptcy process? During that time, there are costs and fees to pay to your trustee for bankruptcy. You are also required to attend two bankruptcy counselling sessions. Depending on your situation, if you have to pay extra money to your creditors, completing the process will take longer. If you have too much equity in your home, or assets 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.

Your Credit Rating & Bankruptcy in Canada

Bankruptcy 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 by the News Media

From time to time, the news media interviews some of those we helped who are comfortable sharing their story publicly. Below are three of these experiences with the Credit Counselling Society.

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 Story
CTV 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 Story
Charis is interviewed by Global TV after nearly paying off $67,000 on 13 credit cards. The Credit Counselling Society helped her. Watch

Alternatives to Bankruptcy in BC

By 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 Plans

When 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.

Settling Your Debts

To help you pay back what you borrowed, consolidation programs and loans can help. Most people don’t want to walk away from their debts and go bankrupt, but they think they have to because they don’t know what else to do. Surprisingly, sometimes only paying back part of what you owe can also be a solution. When done properly, a debt settlement offers your creditors a lump sum of money. That might not be as far-fetched an option as you might think.

Filing a Consumer Proposal

Sometimes 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 Courtenay 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?

By now you can likely gather that a lot depends on your situation. And regardless of what you’ve tried in the past, you need help taking an objective look at your whole financial situation with a fresh set of eyes. You need a trained and certified Credit 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

Non Profit Bankruptcy & Credit Counselling Information & Advice in Courtenay, 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 bankruptcy alternatives and debt relief options
  • Show you how to budget effectively for all of your household expenses
  • Recommend bankruptcy trustees in Courtenay if it looks like declaring bankruptcy is the right option
  • Provide answers and information so that you can choose the best way of dealing with your debts
Free Credit Counselling Appointments & Consultations for Courtenay, BC

We 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 Courtenay, contact us today at 1-888-527-8999, 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.

Certified by Great Places to Work Canada
Accredited by Canada’s national association of non-profit credit counselling organizations.
North America’s largest association of non-profit credit counselling organizations.
Accredited by the Better Business Bureau.

The Credit Counselling Society also offers assistance to people who need help with their payday loans in Courtenay (even online ones).