Bankruptcy Alternatives in EsquimaltGet all your options, and get back on track.Personal Bankruptcy Esquimalt - 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 Esquimalt, 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 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 Obtain 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 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 CanadaLegally eliminating debt through bankruptcy seriously impacts your credit rating and makes it hard to obtain credit later. You need to show creditors why they should trust you enough to lend you money again. Not being able to renew your mortgage, get a loan or apply for a low interest rate credit card often impacts other financial plans and puts your life on hold. People We've Helped Interviewed on CTV News and Global TVOccasionally, 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.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 StoryCTV 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 StoryGlobal TV sits down to talk with Charis who consolidated with us and has now almost paid off $67,000 worth of debt on 13 different credit cards. See the SegmentSee more examples 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.Debt Consolidation & Debt Repayment PlansConsolidation 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 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 Esquimalt 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.Which Option is Best?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 Esquimalt, 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:Review all of your options to deal with your debts, including bankruptcy alternativesShow you how to manage your living costs and bills effectivelyRefer you to a bankruptcy trustee in Esquimalt if filing for bankruptcy is a good option for youAnswer your questions and explain what you need to know so that you can decide the best way to deal with your debts Office Serving EsquimaltCook Medical BuildingSuite 214 - 1175 Cook StreetVictoria, BC V8V 4A1Phone: 250-382-9559 Free Credit Counselling Appointments & Consultations for Esquimalt, 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 Esquimalt, contact us today at 250-382-9559, 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 Esquimalt (even online ones).