Personal Bankruptcy North Delta – 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 North Delta, 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 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 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
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.
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 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.
People We Helped Interviewed on Global TV and CTV News
Occasionally, 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.
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.
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.
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
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 North Delta 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?
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
Non Profit Bankruptcy & Credit Counselling Information & Advice in North Delta, BC
One 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 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 North Delta 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
Office Serving North Delta
Suite 101 – 15399 102A Avenue
Surrey, BC V3R 7K1
Our office that serves North Delta also offers bankruptcy alternatives in White Rock, Newton, Surrey, Ladner, Tsawwassen, New Westminster, and Richmond.
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 North Delta, 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 North Delta.